Risk Management and Mitigation Plan Example

1. Kitchen Remodel Risk Management and Mitigation Plan
Risk Likelihood Impact Risk response Responsibility
(H/M/L) (H/M/L) (Containment or contingency strategies)
Overall plan exceeds maximum budget costs H H Would have to develop alternate solutions or cost saving ideas. Project Manager
Purchase cheaper items to meet the budget Project Team
Team members can’t participate L M Project Managers duty to locate more volunteers to participate on the Project Manager
Lack of help on the project project
Appliances and products being unavailable L L Project Manager would have to choose an alternate product to Project Manager
replace the unavailable appliance. Again, he would have to stay in
the boundaries of the allowable budget
Problems with dismantling/installing the plumbing for M H Project Manager would have to seek the services of a contractor or Project Manager
the kitchen sink and faucet. plumber
Phases may exceed the timeline that was estimated H H Project Manager may have to find other resources to help the team Project Manager
due to installation problems and mistakes. accomplish the task Project Team
Learning curve involved with the project team H H Identify ways and ideas to help the project team attain their Project Manager
members knowledge quicker.
Damaged items that need to replaced and reordered L L Project Manager would have to rearrange the completion order of the Project Manager
project phases.
Items that need to be readjusted or redone H H This would impact whether the project will be done to meet the Project Manager
project deadline. Again, contractors may need to be used.