Project Risk Management Plan

All projects are comprised of tasks. Tasks may involve either hazards if not sufficiently planned/correctly performed, or opportunities if recognized and planned for early in the project. Issues or hazards that are not adequately controlled are likely to cause increased negative risk; positive risks that are not appropriately realized represent lost opportunities. Use the Risk Management worksheet to determine and plan for your project's risks. Identified risks need to be closely monitored and risk managed.

Please send questions and feedback about the use of this template to it-project-management@vt.edu.

Directions For Use
  1. Save a copy of the IT Project Risk Management Plan worksheet (Excel | pdf).
  2. Review the "Instructions+Definitions" worksheet page.
  3. Complete the Task Risk Assessment worksheet to determine what risks may be present in the project.
  4. Depending on the results of the Task Risk Assessment worksheet, complete the Project Risk Mgmt. Plan worksheet for each identified risk. Use the Instructions+Definitions, and the Risk Assessment Matrix worksheets for guidance. Don't forget about positive risks.
  5. Use worksheet information as appropriate to complete the project scope form.
  6. If desirable, attach the completed worksheet to the project scope form.
  7. Store completed worksheet with the other project management documentation in the project document repository.