Risk management plan - Baxter & Bailey

1. Identify project risks
We will identify the project risks and bring these to the attention of project stakeholders along with lessons learned from previous projects. We will then develop greater awareness as a team.

2. Analyse the identified project risks
We will analyse all identified project risks. Then rank and prioritise the risks. This helps the project team prepare a contingency plan to manage them.

3. Plan and manage identified risks
We plan responses to manage identified risks as follows:

Accept: Manage the risk at the moment it happens.

Avoid: Change the project plan or scope so the risk is avoided.

Mitigate: Deal with the risk so that the impact is minimised.

Enhance: Increase the probability of the risk to seize opportunity within it.