The projected risks identified through analysis should be listed properly. For dealing and mitigating with each risk strategies must be formed. All the concerned parties must be included in the review and monitoring process of the working of the project those were included in the development of the proposal of the project. This will ensure that the expertise of the concerned parties used in the proposal is worked out satisfactorily or not in the implementation of the plan.
Selection and modification of the risk management plan?
Use of trials in the selection of the appropriate method amongst the available alternatives for the projects trials will help in the identification and testing of assumptions that the estimated risks are legitimate or not. The technical and financial risks are assessed on the basis of their impact on the sales of the company generated through the project (Karolak, 1995). A sensitivity analysis is conducted for the proper analysis of the variations in the assumptions made regarding the costs and benefits out of the project after due consultation with the managers and experts concerned with the project.
Role as a business manger in implementing the risk management plan and communication the same to the other parties of the business?
I will firstly look that how the proposed projects are linked with the current policies and strategies of the company. I will make it assured that the guidelines and outlines framed are followed properly or not. I will stress on the formation of the risk safety protocol that should be followed by the concerned parties of the project.
The business has implemented a materiality level against which risks are monitored and escalated. The materiality level is defined taking into account the impact that the risk may have on the sustainability of the business.