In order to understand how these types of plans are developed, let’s look at a project example.
The project is to develop new software for a real estate client that will track customers, interact with the Multiple Listing Service (MLS), and offer users the capability to obtain loaded real estate forms, which can be completed from an online gallery and printed with ease by the real estate agent.
Possible risks may include:
Critical – The set budget may overrun requiring additional funding.
High – Teams don’t have the required skills for an essential phase of the project.
Medium – Team resources are pulled away to a different project by the HR department.
Low – The software won’t print out forms.
As each problem is identified (and remember there can be more than one issue rated as critical, high, medium and low), it is placed on the plan template and the impact the risk could have on the project is identified.
Budget – Project may come to a halt if no additional funds are available.
Skills Needed – Project deadlines may not be met if the right skills aren’t available when needed.
Resources – Project stoppage while HR finds replacement personnel.
Printer Problems – Real estate agents can use the program but without the ability to print out forms, the end user complains.
From there, once problems are rated and the impacts identified, resolving potential problems is the next step. Keep in mind possible solutions must be determined in the planning phase.