Project Title: Automatic Medicine Sorting Machine Preparation Date: 02/12/2013 Methods and Approaches: Risk management is a continuous process that continues throughout of the life of a project. It includes processes for planning, identifying, analyzing, monitoring and controlling risk management. Many of these processes are updated throughout the project lifecycle, as new risks may be identified at any time. The objective of risk management is to reduce the probability and impact of adverse events on the project. However, any event likely to have a positive impact must be exploited. Tools and techniques: This plan documents the processes, tools and procedures that will be used to manage and control events likely to have a negative impact on the sorting machine automatic. . It is the control document for the management and control of all project risks. These tools and techniques will be used: • Risk identification • Risk assessment • Risk mitigation • Risk contingency planning • Risk monitoring and reporting Roles and responsibilities: Responsibility for risk management is shared among all stakeholders of the project. However, the decision-making authority to choose whether or not to pursue mitigation strategies and implement emergency measures, particularly those with an associated cost or resource requirement, rests with the project manager who is responsible for to notify the funding agency to determine the need for a contract modification. The following tables detail specific responsibilities for different aspects of risk management. Responsibility for risk activity. Risk identification: All project stakeholders Risk register: Project manager Risk assessment: All project stakeholders Risk response options...... middle of paper . ......05, .1, .2, .4 or . 2, .4, .6, .8). Note that the impacts on individual goals may be different if one goal is more important than another. Probability and Impact Matrix: Risk Management Funding: Define the funding required to carry out the various risk management activities, such as the use of expert advice or the transfer of risks to a third party. contingency: Describe guidelines for establishing, measuring and allocating both budget contingencies and schedule contingencies. Frequency and timing: Describe the frequency of formal risk management activities and the timing of any specific activities. Audit approach Risk ManagementDescribe how often the risk management process will be audited, what aspects will be audited and how discrepancies will be resolved.