Project Title: Automatic Medicine Sorter Date Prepared: 12/2/2013 Methods and Approaches: Risk management is an ongoing process that continues throughout 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 can be identified at any time. The goal of risk management is to reduce the likelihood and impact of adverse project events. On the other hand, any event that could have a positive impact should be exploited. Tools and Techniques: This plan documents the processes, tools and procedures that will be used to manage and control those events that could negatively impact the automatic sorting machine. . It is the control document for managing and controlling 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 project stakeholders . However, decision-making authority to select whether to proceed with mitigation strategies and implement emergency actions, particularly those that have an associated cost or resource requirement, rests with the Project Manager who is responsible for informing the funding agency to determine the requirement for a modification of the contract. The following tables detail the specific Responsibilities for different aspects of risk management. Risk activity responsibility. Risk Identification: All Project Stakeholders Risk Register: Project Manager Risk Assessment: All Project Stakeholders Risk Response Options...... middle of document .......05, . 1, .2, .4 or . 2, .4, .6, .8). Note that impacts on individual objectives may be different if one objective is more important than another. Probability and impact matrix: Funding for risk management: Define the funding needed to carry out various risk management activities, such as using expert advice or transferring risks to a third party. Emergency protocols: Describe the guidelines to establish, measure, and allocate both budget and planning contingencies. Frequency and timing: Describe the frequency with which you conduct formal risk management activities and the timing of any specific activity. Risk audit approach Describe the frequency with which risk management process will be audited, what aspects will be checked and how discrepancies will be addressed.