Risk Assessment and Risk Management Plan free essay sample

1. A risk management plan was considered â€Å"unnecessary† because contracts at the time did not require that a risk management plan be developed while according to the sponsor, the risk management plan was not necessary because out of the new weapon systems requirements were established by military personnel who had no sense of reality about what it takes to develop a weapon system based on technology which does not even exist yet. It is evident that many project decisions heavily favored cost and schedule during this time in history. This could have been because we knew more about cost and schedule that we did about the technical risks. But on another hand, it was essential that programs defined and implement appropriate risk management and contingency plans to enhance program management effectiveness and provide program management a key tool to reduce life-cycle cost.2. Risk management is employed throughout the programs life cycle and should be developed at the baseline of the project and should be continuously addressed throughout the lifespan of the program. We will write a custom essay sample on Risk Assessment and Risk Management Plan or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Risk management is apart of the overall program program planning and management process. In order to be effective to its fullest potential, the risk management process must be recognized as a program management activity and not something limited to the engineering function. Any program element associated with cost, schedule, and performance has a direct interface with the risk management process. This process doesn’t not change fundamentally as the program progresses, although some changes or adjustments might occur as the program progresses.3. It is imperative that the project manager develop and implement an appropriate risk management and contingency plans. The customer has the right to expect the contractor to perform risk analysis and develop a risk management plan as a part of the project planning. An effective life cycle risk management process requires a commitment on the part of the program managers a key tool to reduce life-cycle cost.5. It is impossible to have a risk management plan its seclusion , considering that risk management planning is the process of deciding hot to approach and plan risk management activities of the project. In addition, the process will include identify the project charter, current policies, current roles and responsibilities, the project management plan, and the risk management plan. The Risk management plan needs to be strategically established early in the project and will need to be continuously developed . Other risk include but not limited to: technical, production and support risk.6. Risk management requires the early and continual involvement of all the program team as well as outside help as appropriate. When we are trying to identify the risk we may get our results based on a survey of the project and this will involve customer fully. We have to involve the customer since in any case there is a risk then it is the risk management program that will support setting realistic cost