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Background

Planning and resourcing

Having made the selection, the implementation of the selected actions will need planning and resourcing and is likely to include plan changes, new or modified Work Packages:

  • Planning, which, for the countermeasure actions itemised during the risk evaluation activities, consists of:
    • identifying the quantity and type of resources required to carry out the actions
    • developing a detailed plan of action; this will be included in Project and Stage Plans either as additional activities or as a contingency plan
    • confirming the desirability of carrying out the actions identified during risk evaluation in light of any additional information gained
    • obtaining management approval along with all the other aspects of the plans being produced
  • Resourcing, which will identify and assign the actual resources to be used to conduct the work involved in carrying through the actions; these assignments will be shown in Project and Stage Plans; note that the resources required for the prevention, reduction and transference actions will have to be funded from the project budget since they are actions that we are committed to carry out; contingent actions will normally be funded from a contingency budget.

Monitoring and reporting

There must be mechanisms in place for monitoring and reporting on the actions selected to address risks.

Some of the actions may have only been to monitor the identified risk for signs of a change in its status. Monitoring, however, may consist of:

  • Checking that execution of the planned actions is having the desired effect
  • Watching for the early warning signs that a risk is developing
  • Modelling trends, predicting potential risks or opportunities
  • Checking that the overall management of risk is being applied effectively.

Risk Cycle

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