12.07 RMMM
What
RMMM stands for Risk Mitigation, Monitoring and Management
The RMMM plan outlines the strats and actions that will be taken to:
- Mitigate Risks before they occur
- Monitor Risks during the project
- Manage or respond to risks if they actually happen
Components
Risk Mitigation
- Reduce the likelihood or impact of a risk before it happens.
- Strats include proactive planning, training, prototype development using proven technology and stakeholder commmunication
- Ex: If there is a risk that new tech may not integrate well, mitigation strat could be to build a prototype and see how it goes
- TLDR: dont be fucking stupid
Risk Monitoring
- Continuously tracking risks throughout the project life cycle and detecting new risks early
- Actions include regular status reports, checklists, frequent team checkins
- Ex: Monitoring signs of disengagement or job dissatisfaction in reference to developers leaving!!!!!
Risk Management
- Having a backup plan or contingency plan ready incase the risk actually happens
- Executing plan B, Reallocating Resources, adjusting schedules or scopes, asking for external support
- Ex: onboarding trained backup devs from the bench if key dev resign
Why
- Minimizes surprise motherfucker
- enables datadriven decisions
- ensures project continues even when risks occur
- help deliver project on time and within budget
- improves stakeholder confidence
Example
Typical RMMM Plan includes the following:
- Introduction:
- Define purpose and scope of project
- Risk Identification:
- List potential risk based on type
- Risk Analysis:
- Evaluating each risk based on probablity and impact and calculate risk exposure
- Risk Mitigation Plan:
- Strats to reduce probability or impact of known risks
- Risk Monitoring Plan:
- Describing how risks will be tracked including indicators and review frequency
- Risk Management Plan:
- Predefined actions to take if risk occurs such as resource reallocation
- Roles and Responsibilities
- Assigning the roles and who should monitor and who should execute mitigation plans
- Review and Update procedure:
- How often the plan will be reviewed and updated