Risk Management Plan

for

Wedding

Version 1.0

Prepared by Group14

Amit Bhowal
Abhinav Rishi
Pallavi Mishra
Rahul Mamidwar

Great Lakes Institute of Management

22-Oct-2010

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Table of Contents
1. Purpose....................................................................................................................................................1
2. Roles and Responsibilities.......................................................................................................................1
3. Risk Documentation................................................................................................................................1
4. Activities.................................................................................................................................................1
5. Schedule for Risk Management Activities..............................................................................................3
6. Risk Management Budget.......................................................................................................................3
Appendix A. Sample Risk Documentation Form.......................................................................................3
Appendix B. Risk List................................................................................................................................4
Revision History.........................................................................................................................................6

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Risk Management Plan for Wedding Page 1

1. Purpose
This document describes how we will perform the job of managing risks for
Wedding. It defines roles and responsibilities for participants in the risk processes,
the risk management activities that will be carried out, the schedule and budget for
risk management activities, and any tools and techniques that will be used.

2. Roles and Responsibilities

Project Manager The Project Manager will assign a Risk Officer to the project, and identify this
individual on the project’s organization chart. The Project Manager and other
members of the Project Management team (Project Manager, Functional Expert,
Treasurer, Team Member1, Team Member2, Team Member3) shall meet weekly to
review the status of all risk mitigation efforts, review the exposure assessments for
any new risk items, and redefine the project's Top Ten Risk List.

Risk Officer The Risk Officer has the following responsibilities and authority:
• Functional Expert will perform the task and role of Risk Officer(RO)
• RO will co-ordinate with the team for risk identification and analysis
• RO will maintain the risk list and keep track of it
• RO will notify the PM weekly about the risks faced and mitigations taken

Project Member The Risk Officer will assign each newly identified risk to a project member, who
Assigned a Risk will assess the exposure and probability for the risk factor and report the results of
that analysis back to the Risk Officer. Assigned project members are also
responsible for performing the steps of the mitigation plan and reporting progress to
the Risk Officer biweekly.

3. Risk Documentation
Risk List Please Refer to Appendix B
Risk Data Items Please Refer to Appendix B

4. Activities
Risk Identification Task Participants
Initial Risk identification meeting will done including Project Manager,
Client, Project Management. Functional Expert
Subsequent meetings will be held every week. Normally and concerned Team
Brainstorming sessions will be used to figure out Members.
different possible risks and their mitigations possible.

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Risk Analysis and Task Participants

Prioritization
The Risk Officer will assign each risk factor to an Team Member
individual project member, who will estimate the (1/2/3)
probability the risk could become a problem (scale of 0-
1.0) and the severity impact if it does (Very High, High,
Medium, Low, Very Low).
The individual analyzed risk factors are collected, Risk Officer
reviewed, and adjusted if necessary. The list of risk (Functional Expert)
factors is sorted by descending severity of risk impact
exposure.

Risk Management Task Participants

Planning
The top ten risks, or those risk factors having an Risk Officer
estimated exposure greater than Medium are assigned to
individual project members for development and
execution of a risk mitigation plan. Weekly
Brainstorming sessions and meetings with client is also
performed for getting a clear picture of the issue.
For each assigned risk factor, recommend actions that Project
will reduce either the probability of the risk materializing Members(1/2/3)
into a problem, or the severity of the exposure if it does.
Return the mitigation plan to the Risk Officer.
The mitigation plans for assigned risk items are collated Risk Officer
into a single list. The completed Top Ten Risk List is
created and made publicly available on the project’s
intranet web site.

Risk Resolution Task Participants

Each individual who is responsible for executing a risk Assigned Individual
mitigation plan carries out the mitigation activities.

Risk Monitoring Task Participants

Interviewing, Probability Distribution, Security Analysis, Risk Officer
Sensitivity Analysis, Expected Monetry Value Analysis,
Decision Tree Analysis and Modelling and Simulation
The status and effectiveness of each mitigation action is Assigned Individual
reported to the Risk Officer every week. Team Member
The probability and impact for each risk item is Risk Officer
reevaluated and modified if appropriate.
If any new risk items have been identified, they are Risk Officer
analyzed as were the items on the original risk list and
added to the risk list.
The Top Ten Risk List is regenerated based on the Risk Officer
updated probability and impact for each remaining risk.
Any risk factors for which mitigation actions are not Risk Officer
being effectively carried out, or whose risk exposure is
rising, may be escalated to an appropriate level of
management for visibility and action.

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5. Schedule for Risk Management Activities

Risk Identification A risk workshop will be held on approximately 5-Nov-2010

Risk List The prioritized risk list will be completed and made available to the project team
by approximately 10-Nov-2010.

Risk Management The risk management plan, with mitigation, avoidance, or prevention strategies
Plan for the top ten risk items, will be completed by approximately 14-Nov-2010.

Risk Review The Risk Management Plan and initial Top Ten Risk List will be reviewed and
approved by the Project Manager on approximately 15-Nov-2010.

Risk Tracking The status of risk management activities and mitigation success will be revisited
as part of the gate exit criteria for each life cycle phase. The risk management
plan will be updated at that time.

6. Risk Management Budget

Please refer to Appendix B for the complete list of Risks involved in the project.

In order to manage all these risks, we have set aside a budget of Rs. 5 lakhs as the
buffer amount.

Appendix A. Sample Risk Documentation Form

Risk ID: <sequence number> Classification: <risk category, Report Date: <date this risk
e.g., from SEI taxonomy> report was last updated>
Description: <Describe each risk in the form “condition – consequence”.>

Probability: <What’s the Impact: <What’s the damage if Risk Exposure: <Multiply
likelihood of this risk becoming the risk does become a Probability times Loss to estimate
a problem?> problem?> the risk exposure.>
First Indicator: <Describe the earliest indicator or trigger condition that might indicate that the risk is
turning into a problem.>
Mitigation Approaches: <State one or more approaches to control, avoid, minimize, or otherwise
mitigate the risk. Mitigation approaches may reduce the probability or the impact.>
Date Started: <State the date Date to Complete: <State a Owner: <Assign each risk
the mitigation plan date by which the mitigation mitigation action to an individual
implementation was begun.> plan is to be implemented.> for resolution.>

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Current Status: <Describe the status and effectiveness of the risk mitigation actions as of the date of
this report.>
Contingency Plan: <Describe the actions that will be taken to deal with the situation if this risk factor
actually becomes a problem.>
Trigger for Contingency Plan: <State the conditions under which the contingency plan will begin to be
implemented.>

Appendix B. Risk List

Ris Risk Name Probabili Impact on Severi Mitigation Own Due
k ty Project ty Of Approach er Dat
ID Impac e
t
(H,M,L
)
1 Change in the 0.2 May result in Low
To be decided on the Fly

Wedding Plan. additional

costs and
venue
change.
2 Decided venue 0.6 May result in High Make
not available at additional bookings well
the time of cost and in advance.
booking. discomfort.
3 Guests turning 0.4 May result in Mediu Take a buffer
up in numbers shortage of m of around
more than food and 10% of the no.
expected. beverages. of guests
expected to
come.

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4 Low Quality 0.2 Dissatisfaction Low Hire the

Photography among both services of a
and Video. the parties professional
involved. photographer.
5 Accommodatio 0.6 May lead to High During
n at the venue abatement of requirement
of honeymoon excitement of gathering
not available the married session take
couple. the choice of
alternative
venue for
honeymoon.
6 Any natural 0.05 Will result in Very A back up
calamity such additional Low plan can be of
as costs due to help.
Earthquakes, last minute
floods or changes.
curfew in the
city
7 Marriage 0.2 May result in Low Have the
Registrar not delay in the contact
available on departure for details of
the desired day honeymoon another
marriage
registrar as
back up.
8 Postal delay in 0.4 Dissatisfaction Mediu Get the
receiving among the m receipts from
wedding cards families of the courier
Bride and the service
Groom provider to
ensure that
wedding cards
reach on time

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Revision History
Name Date Reason For Changes Version
Group 14 22/10/2010 Initial Draft 1.0

Project Management Group 14 (SecA)