VizuaMatix (PVT) LTD is a small scale software company which established in 2007, with over 10 years of experience in the industry. This is well known about the cutting edge technologies and research oriented approach it uses to develop the world class enterprise solutions. The organization is performing their operations with the help of around 50 highly skilled employees.
With the growing employee count and when dealing with different types of industries, VizuaMatix has recognized they have to consider several possible risks.
This Risk Management Plan provides the organization a consistent method to manage risks to ensure success.
Risk management is the processes for identification, assessment, mitigation, tracking, control and management of the project’s risks. It drives decisions that affect the development of the business capability and the management of the project.
Specific objectives of this Risk Management Plan include:
Ensure critical risks impacting scope, schedule, budget, business performance, and/or change management are proactively identified, communicated, mitigated, and escalated in a timely manner.
Facilitate attention to key risks impacting the project and individual teams.
Produce meaningful information that allows project management to focus efforts on the “right” (e.g., high likelihood and high impact) risks with an effective coordination of effort.
Ensure appropriate stakeholders are informed and, if applicable, participate in the mitigation.
Record an audit trail of discussions and mitigation of project risks.
Scope & Context
The Risk Management Plan consists of the process and timing for identifying and managing risks, mitigation actions required, and organizational responsibility for monitoring and managing the risks throughout all the organizational operations takes place.