It is important to involve the entire team and every team member should know the status of the project and identify responsibility towards the success of the project. Risk Management Strategies There are a few risk management strategies that can be used to develop an effective risk management plan. • Planning The first and most crucial step is to create a solid plan. The plan should include the techniques, tools and data that will be used in the project. At this stage the responsibilities of all members should be distributed. Resource utilization and budgeting of the project should be done here. Management tools such as probability and impact matrix, FMEA are useful at this point. • Risk Identification Risk identification can be done simply by brainstorming with team members. As Dr. McCarville said, there are no right or wrong answers. Every input is important and can really influence the process. Another useful tool is the fishbone diagram. • How to manage the risk Once you have identified the risk, the next step is to decide how to manage it. There are four main strategies that can help you decide what to do with the file