First step:
Primary Post: Reflect upon the value of planning the risk management approach. Identify two to three challenges faced in doing project work - whether project challenges or specific to risk management work.
Second Step:
Secondary Post: Respond to at least 1 primary posts and share how can an effectively crafted risk management plan help address these challenges?
How can these actions be integrated into the risk management plan? What insights can be incorporated from our reading on risk management maturity?
Hi Nicole! Someone already posted, so you can write a secondary post for below.
As per (Project Management Institute, Inc., 2013), planning risk management or "Plan Risk Management is the process of defining how to conduct risk management activities for a project."
Planning is crucial to risk management as it covers risks and related information, plans & approaches to risk management, contingency plans, and resource management information. Planning risk management produces a plan, described in (Project Management Institute, Inc., 2013), ‘PMBOK' guide, as the ‘Risk Management Plan.' PMBOK further continues that, "The risk management plan is vital to communicate with and obtain agreement and support from all stakeholders to ensure the risk management process is supported and performed effectively over the project life cycle."
It further describes risk management plan as a baseline to risk management activities of a project. As with every planning activities, risk management plan further coordinates risk management efforts into the more manageable way. Per my understanding, planning risk management is a best practice to approach to risks and uncertainties to the project.
Most challenges and risks in the projects fall into four familiar terms of projects constraints, "Scope, Cost, Time and Quality." Every challenge is more or less related to at least one of these constraints. Challenges related to risk management are all project management problems, risk management challenges heavily related to risk management process, specifically deficiency and errors in risk management process. I start with the communication challenge, which you can refer to either of projects challenges and risk management challenges.
Lack of communication and poor effort for good, precise and efficient communications hinders the project work, adversely affecting the undertaking. Another I want to talk about is scope creep, "uncontrolled expansion to product or project scope without adjustments to time, cost, and resources" (Project Management Institute, Inc., 2013). Scope Creep adds unapproved and uncontrolled project works and scope, and it demands additional costs, time and resources to complete those other assignments; ultimately delaying projects and exceeding every set limits and constraints.
References
Project Management Institute, Inc. (2013). PMBOK® Guide (5 ed.). Newtown Square, Pennsylvania, USA: Project Management Institute, Inc.