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Section 2 – Risk Scope, Components, and Value

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2.1 Scope of the Risk Management Plan

Since the project will take place in different countries, the project management strategy and site environmental considerations will be used as inputs for the project scope. The project will employ the brainstorming method. After reviewing the blueprints, drawings, and requirements, the project manager will produce a project charter. Next, the project team will determine cost estimates to keep on budget. Finally, the scope management plan will be the result.

2.2 Risk Management Plan Components

According to Waters (2018), the Components of the risk management plan include the following:

Methodology – This project will include brainstorming, probability, and impact assessments.

Roles and responsibilities – The project manager will have the significant role of identifying the risk and collaborating with other key stakeholders like the management of the construction company.

Budgeting – The project manager will assign resources and estimate risk management costs. Human resources, materials, machinery and equipment, and money are needed to execute the plan.

Timing -Timing documents include when and how risk management processes will be performed on a project.

Reporting formats – the content of the risk register

Tracking – Tracking will include a description of the history of the risk activities for the current project.

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