What is a risk plan?

An ambitious project most likely imply high risk – high gain. You project should have elements of risk to be challenging.

The points in making a risk plan are:

You show that you know the critical risks
You know how to fix them if they occur

The risks you list must be closely related to the objectives/achievements and expect results. This is to assure the reader that even if there are risks, you will be able to achieve your goals.

The risks are for implementing the project i.e. your work in the project period. Uncertainties about selling a product after the project is finished are not a risk to be included in the risk plan.

A risk plan is typically a table:

Where you list the risks
Connect the risk to the work plan e.g. in what WP the risk may occur or what objective it relates to
Rate the like hood of the occurrence of the risk (probability)
Rate the severity of the risk
Describe how you will handle the risk (mitigation plan)
Show who is responsible for the mitigation

Be careful to balance the risks you list with your capacity to fix them.

The measures to fix the risks should be:

Realistic
Concrete
Achievable with the project resources available
Achievable within the timeframe of the project plan
A way around the problem so you can move on

Continue with less data/a smaller sample
Use prelim date
Use a black box (a PC) instead of finishing the instrument development
etc

Be careful with risk-mitigation measures that:

May disturb you time schedule to much (too much delay)
Suggest doing more work (it is unlikely that you have hidden resources that can work for free)
Lowers the project ambitions too much
Changes the idea of the project

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