You have been assigned to a project risk team comprising five members. Because this is the first time your organisation has formally set up a risk team for a project, it is hoped that your team will develop a process that can be used on all future projects.

Your first team meeting is next Monday morning. Each team member has been asked to prepare for the meeting by developing an outline that describes how you believe the team should proceed in handling project risks. Each team member will hand out their proposed outline at the beginning of the meeting.

Your outline should include the following information:

(a)Team objectives, activities and outputs

(b)Identification and analysis of potential risks associated with this project (Try to come up with at least five different risks)

(c)Components of the risk management plan

(d)Indicate why industry sector risk classifications are important

(e)Clarify the parallels between a standard such as ISO31000:2018 and your risk management plan

Outline various risk management techniques, tools, processes and procedures to enable effective management and communication of risk events, responses and results.