Initiate Project

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Initiation of the risk management practice begins with someone recognizing the benefit and/or the requirement and taking action to ensure that the practice is implemented. This person is referred to as the "champion" of risk management. Their primary responsibility is to promote risk management and, specifically, gain the commitment of a senior manager that "sponsors" the project. The sponsor makes the commitment on behalf of the organization to become competent in risk management.

The product of the Initiate Risk Management Practice process is a Risk Management Implementation Plan. Elements of the plan include: identification of the project sponsor and manager, definition of the project scope, and preliminary estimates of resource and schedule parameters. First time implementation of risk management for an organization may be limited to a trial project or business unit. Expansion of risk management following a successful trial requires revisiting this process.