In having a risk management for a particular project, the plans that are made is done to determine a list of complete risks that are possible to happen in a project even before the start of the development. It should also contain analysis for the triggering factors why such a risk is occurring. Reports on the status of the contingency plans that are implemented should be done in a weekly basis. A complete plan for the initial enhancement must be done to address the correct threats and opportunities.
The process of planning the risk management should have the identification of the risks, assessing the chances of the occurrence of the risks and all the possible effects that should be addressed.
It is important to remember that iteration and as well as control is a requirement since a thorough analysis cannot determine all the correct possibilities and risks. The activities of risk management must be identified by the plan. It also includes the schedule and the processes for the activities.
The factors to be considered in making a risk management plan are mentioned below;
1. The initial step is to identify and put in to document all the probable threats to clear the risks of the specific project.
2. The document for the plan should only be specifically done for a particular project.
3. All the improvements and opportunities must be defined.
4. The documentation must present a list of contingency plans for the project.
5. Plans should be done in accordance to minimizing the threats for the project particularly the schedule and the result of the plans. The documentation of the plan for improvements will be responsible for the list of all threats that are likely to happen.