Risk description: Design team is overbooked with work, which could result in a timeline delay. An issue: “A situation that is certain and that could affect project success in a positive or negative manner. Many project management practitioners view successful project delivery as the completion of deliverables based on the objectives of time and cost. Using a RACI matrix to assign and define each role is a great way to keep a project on track and positioned for success. The project team leaders, key stakeholders, relevant subject matter experts, and anyone engaged in risk management activities for the company. You need to identify what IT assets, functions. The degree of uncertainty an organization or individual is willing to accept in anticipation of a reward. A Guide to the Project Management Body of Knowledge (PMBOK ® Guide) defines a process as a set of interrelated actions and activities performed to achieve a specified set of products results or services (2004, p. The process is continuous during the project and it encompasses all the project phases (project scope) and the project management processes. Risk audits may be included during routine project review meetings, or separate risk audit meetings may be held. A project audit is a structured review process of a project's performance, progress, and outcome against pre-defined objectives, goals, and criteria. Definition: A risk register is a management tool that contains a list of identified risks to help you assess risks, plan responses, and monitor and control them. It identifies existing risks, ongoing monitoring, corrective actions, and current disposition. Project quality management is a vital aspect of any project, yet it is often misunderstood or improperly applied. The risk register database can be viewed by project managers as a management tool for monitoring the risk management processes within the project. , intranet, web-based tools, etc. The examination procedures in this booklet assist examiners in evaluating the following:Naturally, once the risk scenarios are properly identified, the IT auditor needs to assess the impact on the audit objectives, audit plan, audit scope and audit procedures. Increasing communication and consultation across the organization. As used in the PMBOK® Guide, an audit reviews processes, whereas inspection is used to review a work product. First, you’ll do this by. for identified risks; known unknowns; Workaround: a workaround is the unplanned response the Project Manager need to take to deal with emerging risks and risks that are passively accepted as the risk. ”. The frequency of conducting this project management tool is defined in the risk management plan. Risk priority combines the assessed likelihood of a risk to occur (i. The inherent cadence and iterative nature of Agile practices make them well suited for the management of a wide range of risk commonly encountered in product development and related projects. For example, an audit of new business may consider: Existing customer lifetime value. Download now 3. risk audit vs reassessment. Audit firms may have to change some processes in response to a new standard and pandemic-fueled changes to the environment. The purpose of the audit is to enhance the credibility of the certification program and of the certification holders. An audit also ensures that the financial statements conform to the applicable. But on the way in, he heard a news report that changed the objective of. development of a robust risk-based audit plan. Many confuse the ideas of risk management and issues management. The project team leaders, key stakeholders, relevant subject matter experts, and anyone engaged in risk management activities for the company. risk has always been a very dicey topic when it comes to pmp. Developed by practitioners for practitioners, our certifications are based on rigorous standards and ongoing research to meet the real. Varying degrees of impact. In project management, a project artifact is a document designed to keep the project work aligned to project requirements and business goals. 153). For each certification, a specified percentage of applications are randomly selected for audit. Low: A low-rated event is one with little / no impact on the business activities and the reputation of the firm. On the other hand, quantitative risk analysis is objective and has more detail, contingency reserves and go/no go decisions, but it takes more time and is more complex. Similarities Risk Audit and Risk Review are tools of project management and are used to assure a proper risk management process and plan for the life cycle of the project. Reducing the uncertainty of risk in audit. New WAC 182-530-1080 (3) states, “The prescriber and pharmacist must document in the client’s record the date and time of the: (a) Retrieval of information from the PMP; and (b) Review of information from the PMP. Planning an IT audit involves two major steps: gathering information and planning, and then gaining an understanding of the existing internal control structure. Risk management is one of the most challenging aspects of any project or undertaking, but it is also one of the most important. Attribute Audit vs. Project Management Professionals (PMP) believe it is less a function of risk audit vs risk review. Learn more 2. Project Management Professionals (PMP) believe it is less a function a risk review vs risk review. “Certifications are important tools for individuals to demonstrate knowledge, increase professional marketability, and attain higher salaries, as well as affirm professional expertise,” he notes. 3. By identifying and assessing possible risks, auditors can reduce potential harm to employees. Both the prescriber and the pharmacist are required to document the PMP check in the patient’s PMP record. Compliance and risk management, though closely related, are distinct programs that require different business approaches. When conducting a project risk assessment, the auditor typically evaluates how the program or project manager directs and controls: Actual or potential risk impacts of the project. Internal Audit can gain insights into the business’s fraud risks by identifying the effects of recent operation disruptions. Risk urgency, on the other hand, is a different risk dimension. PM Exam Simulator Reviews. The review process includes identifying. Risk assessment involves measuring the probability that a risk will become a reality. If the project is described as in Exhibit 2, it could define the project performance management activities for each project phase and project management process. Impact of Risk Rating. . Contingency Cost in Project Management. ”. ”. Project Management Professionals (PMP) believe it is less a function of risk audit vs risk review. Avoiding Risks. Now discover the RBS, structuring risk information to help you understand the nature of risk on your project. Aspirants can obtain PMI-RMP® certification by following the procedures outlined below: Step 1: After finishing the training, go to Step 2: Enroll for the PMI-RMP exam. You should also analyze project performance, forecasts, trends, and reserve utilization. 440). Respond to the risk. it's more important to have twain a risk audit and hazard test. A risk audit is one of the tools used to control risk. Contact Used (877) 637-0450;. This can be a project risk whereby different elements of a project fail to integrate. Move meetings from Kabir’s calendar during the week of 7/12 to free up time to edit. regarding the risk-based internal audit to all the readers. Increase salary. The first step in running a risk assessment is deciding on your process. See the following for what I view as some of the more common: 1. There are two methods of protecting against such events: compliance-based audits and risk-based audits. Keep the information simple, clear, and concise. When you are comparing a risk review vs risk audit PMP, note that there are similarities and differences. A risk register, sometimes known as a risk log, is an important component of the overall risk management framework. Attributes of project artifacts include:Enhance vs Exploit. which could also lead to a higher fraud risk being the consequence of cost cutting in the control environment to reduce monitoring activities. Risk Tolerance --. Risk Review vs Risk Audit Powered by Kunena Forum Training for Project Management Professional (PMP)®, PMI Agile Certified Practitioner (PMI-ACP)®, and. An effective risk-based audit program includes adequate audit coverage for all of the bank’s auditable activities. When a risk occurs, it's helpful to have a risk management procedure or solution that's cost-effective. Although there are unambiguous frameworks for assessing risk impact, the field. It is also part of the overall process improvement of the project. The value of risk management certifications for individuals keeps growing, according to Berman. A Project Review Report will be generated from the project review process. Risk categories are defined in the Risk Management Plan. Tagged Risk Audit risk audit pmp risk audit project management risk management risk management pmp. Performing a project under a fixed-price contract is more risky than other projects. ACRA’s Inspection Activities under the PMP 2. The aim of this paper is to delve into the nuances of health, safety, and the environment as key performance indicators (KPIs) of project health—understanding how to plan, manage, and report these activities. Only by developing this. Improve project success rates. PM PrepCast Reviews on Google. You need to collect and analyze the relevant data and information about the project risk management, such as risk registers, reports, plans, logs, or. Now comes the moment, when all that has been planned must be put into practice. . Audit projects are often months-long affairs, with auditors remaining on-site for weeks at. Impact Your Organization. . ”. IT governance. Project Risk [PMP Exam - Winter 2022] Flashcards. In actual practice, there are many similarities which lead to this confusion, but the essential differences are: Risks. Ensure the quality of project management. Then, types will be collected into a category (or. It is often documented using a scope statement and a Work Breakdown Structure (WBS), which are approved. Even worse, there is confusion between risk appetite and other risk-related terms, especially. An audit is the highest level of assurance a CPA can provide. Learn. Term. The purpose of a lessons learned process is to define the activities required to successfully capture and use lessons learned. Table of Contents What is a risk audit in project management? Who carries out the risk audit? Benefits of a risk audit: Is it worth scheduling one? How is a risk audit different from a risk review?. 6. In addition, penetration tests can help to identify weaknesses in defenses that might be missed during a compliance audit. The output of the risk audit is the lessons learned that enable the project manager. You'll hear the refrain “do as you say, say as you do. This paper explores the importance of contingency planning as a necessity within the confines of the project. In a financial audit, inherent risk. On the PMP Audit, them can expect until perceive the Probability of Occurrence sugar. For each identified risk, based on priority, a mitigation plan or strategy is created. Additionally, there are frequently questions on the PMP. g. Precision ratings of low, medium, and high can be assigned to the risk assessment. Integration risk is the potential for integration of technology, processes, information, departments or organizations to fail. A risk audit involves identifying and assessing all risks so that a plan can be put in place to deal with any occurrence of any undesirable event which causes harm to people or detriment to the organization. LeRoy Ward, PMP, PgMP, PfMP, CSM, GWCPM, SCPM | Executive Vice President – Enterprise Solutions, IIL Don’t answer that. Therefore, you should integrate it through the risk management planning process. The project management lifecycle. You should also analyze project performance, forecasts, trends, and reserve utilization. An audit is the process of checking that compliance obligations have been met, including that the required inspections have been done. How is a "risk audit" different from a "project audit?" The size of the project will determine the frequency and quantity of risk audits; large and complex projects require more risk audits (Bell, 2022). For risk appetite to be adopted successfully in decision making, it must be integrated with control environment of the organization through risk tolerance, as noted in the following quote: The risk appetite statement is generally considered the hardest. An issue: “A situation that is certain and that could affect project success in a positive or negative manner. Complete the e-learning course content for PMP before the online classroom training. PM PrepCast Reviews on Google. Plan Risk Responses for PMP® Receive our newsletter to stay on top of the latest posts. “Risk assessment is an inherent part of a broader risk management strategy to introduce control measures to eliminate or reduce any potential risk- related consequences. Risk Report has been introduced for the first time in the PMBOK Guide, 6th edition and continues to be there in the PMBOK Guide, 7th edition. Risk: “A potential issue. 3. Post-Project Evaluation. The cost to renew your PMI certification is $60 for PMI members and $150 for nonmembers. Impact: Users will not be satisfied with the product. 3) Focus on internal (organizational strengths and weaknesses) and. CISSP For Dummies. It reflects the time criticality of a risk to occur. The output of the risk audit is the lessons learned that enable the project manager and the team to increase the likelihood and impact of positive events and decrease the likelihood and impact of negative events. The author discusses how a. Many audit departments think they are risk-based, but their audit plans are generally built from an audit universe consisting of departments. The discussion and risk assessment then inform all the planning and audit procedures that will be performed. Quantitative data are difficult to collect and can be prohibitively expensive. Risks are identified during Identify Risk process in Planning. The qualitative risk analysis process prioritizes individual risks for further analysis by assessing their probability of occurrence, impact, and other characteristics. The qualitative risk analysis process prioritizes individual risks for further analysis by assessing their probability of occurrence, impact, and other characteristics. Abstract. A risk audit, or risk review, is an evaluation used to identify potential safety and operational threats, their causes and the effectiveness of established risk management processes. Project risk management is an essential power skill that boosts the probability of success and offers a higher degree of probability, alleviating anxiety for stakeholders. 25 Given dynamic and complex healthcare organizations, different risk sources can trigger hazardous situations, potentially harming the organization. 1. Risk Categorization, on the other hand, is a technique used to manage and analyze risks (particularly in large numbers), observe trends, and show where the biggest risk exposure is. Segregation of Duties (SoD) and Logical Access Review Performed under Consulting Standards Can be done in conjunction with Option. By adopting a combined approach and. it's more key to have both a risk audit and risk. Probability of occurrence – 1 – 99%. Review and update your risk register and. Risk navigation software tends to center around four components: strategy, processes, technology, and people. Assessing the Risk Management Process 5 However, a mature risk management process typically demonstrates benefits, such as: Enabling risk-based decision-making and strategy-setting. Together: Integrating internal audit and risk management can create direct and seamless synergy between the functions. Fortunately, many of the risks inherent in managing a fixed-price. Abstract. Regular risk monitoring and review is conducted to inform management decisions, enabling adaptive management and course corrections. Just the project sponsor because her perception of how the risks will be handled is the most important. As mentioned earlier, qualitative risk analysis is based on a person’s perception or judgment while quantitative risk analysis is based on verified and specific data. An essential part of this process is to define probability and impact levels clearly. Contact America Login . For every project, the Project Manager works with the team to plan and activate appropriate risk responses. Risk Register. First, you’ll do this by. nTask’s built-in Risk Assessment Matrix, automatically populates the fields to create a matrix. The goal of this subsystem is to manage fundamental project constraints of scope, time, cost and quality. They are often more subtle than an event risk. Project Risk Management includes all the processes involved in risk identification, regulation, and mitigation on a project. PMI conducts application audits to confirm the experience and/or education documented on certification applications. A security assessment is an internal check typically in advance of, and in preparation for. Similarities Risk Audit and Risk Review are tools of project. From the audit, adenine PMP both they team can gain insides within the effectiveness of risk management efforts already conducted to apply toward the project working ahead. Quality audits and tour are often used similarly in everyday conversations. Learn from PwC's experience and expertise in helping organizations achieve their project goals. The process of controlling and monitoring risks includes the following tools and techniques: risk reassessment, risk audits, technical performance measurement, reserve analysis, status meetings. Gates are often implemented within a PMO to provide visibility at key points in the project into each project's health and likely outcome. By: John J. Ensure the quality of project management. As such, I would tend to use contingency reserves should it be the case; however, if these risks are. Inherent risk is the risk of misstatement if no controls are applied, whereas control risk is the risk that an organization’s controls will not prevent or detect a misstatement. Inherent risk, in the context of risk management and auditing, refers to the level of risk or uncertainty that exists in a particular activity, process, or situation without any mitigating controls or risk management measures in place. Project development processes and procedures. An inspection is typically something that a site is required to do by a compliance obligation. This template serves as a framework that outlines the necessary steps and processes to identify, assess, and respond to potential risks throughout the project lifecycle. The key deliverables of this risk audit are: Customized checklist to evaluate the risks of a project; Identify areas of importance for risk analysis for a project (risk taxonomy) Risk radar – risk-prone areas of the. One of the nonconformance issues raised by the auditor was that attendance lists for the project risk review meetings were not available. Risk Report. The inherent cadence and iterative nature of Agile practices make them well suited for the management of a wide range of risk commonly encountered in product development and related projects. Evaluate risks and prioritize them by criticality or tier. Risk Management in Agile Projects. g. Aspirants can obtain PMI-RMP® certification by following the procedures outlined below: Step 1: After finishing the training, go to Step 2: Enroll for the PMI-RMP exam. risk profile: A risk profile is a quantitative analysis of the types of threats an organization, asset, project or individual faces. Training for Project Management Professional (PMP)®, PMI Agile Certified Practitioner (PMI-ACP)®, and Certified Associate in Project Management (CAPM)®. The project's status will indicate whether the project complies with project management standards. Medium/High: Severe events can. Reports can be filtered to show just. Incorporate quality assurance. Score at least 80% in one out of the seven PMP® full-length practice tests available online at Simplilearn. Risk audit is the examination and documentation of the effectiveness of risk responses in dealing with identified risk and their root causes, as well as the. B. 3. Abstract. Risk likelihood: Likely. Developing and maintaining risk based audit plans (strategic plan and annual work plan) Risk reviews facilitate better change management and continuous improvement. Risk assessments are another type of information security audit. And, it’s a way to learn and give your project and your team a boost. ” 1 The. Let us examine risk analysis, assessment and evaluation in this context: Risk analysis—1. To effectively manage risks on your project for the PMP Certification Exam, you should reassess existing risks on a regular basis as well as identify new risks. 2,784 favorite · 14 talking around this. Quantitative Risk Analysis. Project communication and reporting. Process audits ensure that project activities across and within projects are followed consistently. 5. 9. Project Management Professionals (PMP) believe it is less a function a risk review vs risk review. The results of monitoring and review must be recorded and reported as appropriate and be used as a regular input to programme and project management decisions, audits, and organizational performance. It evaluates the methodology used to help identify gaps in order to introduce the required improvements. The author further goes on to discuss the challenges if Internal Auditors move to base their audit plans on the corporate risk register – the extent of quantifiable risk (e. A project audit functions as a good guarantee application. We will be placing a IT ticket so that your application will be in 'Eligible to Pay' status soon. 1) Ensures equal focus on both threats and opportunities. 4. Onspring's cloud-based software builds greater clarity and control into your enterprise risk management program. You know quality assurance is an important component of project management, and you want to make sure there are appropriate tasks inserted. The biggest difference to note between an IT risk assessment and IT audit is that an IT audit is a deeper dive and will require the auditors to see more evidence than would be required in an IT risk assessment. These audits aim to determine how well a project manager is following the company’s outlined processes. A Risk Audit is a process used in project management to evaluate the effectiveness of the risk management process and the results of the risk response strategies. AN Project Management Professional (PMP) ® Audit Prep Provider A. You need to collect and analyze the relevant data and information about the project risk management, such as risk registers, reports, plans, logs, or. Risk Audits is another tool and technique that we use during the monitor and control risks process. They include but are not limited to: Increase career opportunities. There are three main types of issues that require escalation during the course of a project. changing the project plan or approach) to increase the probability of the occurrence of opportunities / increase the benefits from the opportunities. In the third-party risk register, the enterprise will specify the required document to be produced by the third party, the frequency and any remediation or additional controls that may mitigate the risk to an acceptable level. Agile PrepCast Reviews. This paper provides the readers the opportunity to learn about and participate in the design of a project/program management office (PMO) gate review process. For the purposes of quality assurance, a quality audit was conducted on the processes being used in the project execution plan. Compliance requirements vary based on the nature of the business, geographical location, and industry sector. ”. Of fundamentals to exam prep boot camps, Educate 360 buddies with their team to meet your organization's training needs across Scheme Administration, Agile, Economy Analysis, Corporate Management, and Leadership knowledge development. Then, FedRAMP reviews the POAM to establish the CSP’s current state in correcting the enumerated risks. First of all it is not really aligned with risk management because risk is defined as the efect of unknown on project objectives, second neither attribute is really relevant in a project and third because understanding how variability of a process can be measured and ambiguity resolved require a level of knowledge that even experienced. Low/Medium: Risk events that can impact on a small scale are rated as low/medium risk. Guide to Security Assessment: Risk Advisory vs Internal Auditing. PMI conducts application audits to confirm the experience and/or education documented on certification applications. These risks among many others need to be. Contingency planning is an outgrowth of the risk assessment process. Exam Prep Essentials eBook Reviews. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat. • Measuring the effectiveness of the risk management processes in the project. Qualitative risk analysis is quick but subjective. One component of risk management is the organization of the risks identified, which can be informally referred to as PMP® Risk Types, Risk Categorization PMP®, or Risk Categories PMP®. Monitor, review, report and escalate—Monitoring, reviewing and reporting third-party risk is an ongoing process. Tracy Harding, CPA, was on his way to work and looking forward to completing an audit he was working on. Cause: Failure to review and validate the requirements. ITTO Memory Jogger eBook Reviews. A Project Management Commercial (PMP) ® Test Prep Provider Intro to Risk Audits in Project Management - Project Management Academy Resources Cost of conformance + non conformance Conformance - helps project meet quality requirements . 25 Given dynamic and complex healthcare organizations, different risk sources can trigger hazardous situations, potentially harming the organization. The application of audit procedures to less than 100 percent of the items within a population to obtain audit evidence about a particular characteristic of the population. So, as you correctly pointed out, they have been identified as risk, which means they are not unknown-unknowns. Risk Audit vs Risk Review. A simulation of a project. This paper looks at the alternative techniques currently available for assessing risk. Use a standard template or format for your risk register and risk matrix that suits your project needs. testing fork the PMP exam. They include but are not limited to: Increase career opportunities. Commitment to using these risk response. A summary of risk reflecting risks that have occurred, actions taken for risks, and the potential impacts to budget, timeline, and deliverables. Risk Assessment. Risk category: Schedule. The Essentials of Agile Auditing: Tools and Building Blocks. Agile PrepCast Reviews. The project management plan specifies that a predictive development approach has been selected to produce the project deliverables. One process that may work across teams is to come together, sit in a circle (if meeting in person!) and create a list of every possible risk and. A. Pre & Post Implementation Review Performed under Consulting Standards 2. The acronym RACI stands for the different responsibility types: Responsible, Accountable, Consulted, and Informed. The corporate risk manager. Welcome to PMI! Explore our project management certifications, resources, and global community to unleash your potential and drive your career forward. Qualitative risk analysis is quick but subjective. Distributions for estimating duration. These misstatements may be due. Improve professional status. Respond to the risk. Cost of Quality. Audit risk can be defined by the audit risk model (see image below). Additionally, there are frequently questions on the PMP. ”How to deliver effective project management in a complex and uncertain environment? This presentation by PwC's experts provides insights and best practices on topics such as stakeholder engagement, risk management, agile methods, and project governance. Learn about to distinction in this blog. As PRINCE2 is a controlled environment method, the role of the project manager, project board and customer are defined so everyone’s on the same page. Subject matter experts only. Does a risk audit consider the effectiveness of just the risk management process, or does that already encompass the evaluation of. Study with Quizlet and memorize flashcards containing terms like Regulations, Standard, PMO and more. > Adaptive: (Agile) High change rate each iteration very short 2. PMI Scheduling Professional (PMI-SP) Good scheduling can be crucial to the success of a project. Risk category: Schedule. June 1, 2021 June 1, 2021. Risk Audit. it's more important to have twain a risk audit and hazard test process in project management. Chapter 1, Introduction, would help the readers to understand the concept of the risk-based internal audit. greatest risk and to set priorities for audit work. • Evaluation of the effectiveness of approved workout plans. Based on these findings, the project will be categorized as Red, Yellow, or Green. Many project management practitioners view successful project delivery as the completion of deliverables based on the objectives of time and cost. 9. Impact of Risk Rating. This paper discusses risk management maturity levels and starting a specialized function in your organization. Well over 100 risk factors are reviewed during this process. Risk name: Design delay. Detection risk is the chance that an auditor will fail to find material misstatements that exist in an entity's financial statements. B. 1 Decide on your process. They love the "Tick and Bop" (T&B) method of auditing compliance. Identify organizational and project. Developing generic risk factors and criteria for each factor to identify the audit priority of audit objects within the audit universe 4. It is crucial in communicating key insights and facilitating informed decision-making. A risk-based audit approach starts with a risk universe as the basis for the audit plan. Some risk experts even say that Internal Control is a part of a company’s day-to-day management and. Keep the information simple, clear, and concise. Review and update your risk register and. Identify and monitor residual risks. Match. Subject matter experts only. You can earn PDUs. An essential part of their job is to identify business risks – whether financial, compliance, reputation, IT, fraud, and a long list of other exposures. 2. A problem: “a negative issue. Khuolod Alamri, PMP®, PMI-RMP®, CRMO’S Post Khuolod Alamri, PMP®, PMI-RMP®, CRMO reposted this From fundamentals to exam prep boot camps, Train 360 partners with is our until meet your organization's training needs transverse Create Enterprise, Agile, Business Analysis, Business Management, and Leadership skillsets development. Need to perform a risk audit on a project? This Risk Review Process and Checklist guides you through an exhaustive review of the effort, including documentation, resourcing,. These tools include simulation because it is a flexible tool that can incorporate realistic activity time estimates and interdependencies resulting in a reliable estimate of likely range of completion durations. Mashael Alhowishl(PMI-RMP)®(PMP®) posted images on LinkedInEvaluate the effectiveness of project controls to satisfy business/ project objectives and manage risks. 1) Ensures equal focus on both threats and opportunities. Let’s explore these risk-based milestones in a bit more detail: Stakeholder vision. Yet a project management review is an excellent way to demonstrate your capability and the control you have over your project. Risk reviews are typically a crucial element of effective project planning. 2 ) Offers a structured approach to identify threats and opportunities. The fourth step is to conduct the audit. The risk audit is focused on ensuring the plan for managing risk is happening, while the risk review is about ensuring all the appropriate actions have been taken for all identified risks in addition to looking forward to any new or emerging risk/s. Click the card to flip 👆. There are several variations of a project audit: in-process quality assurance review, gateway review, project management audit and post-implementation audit. Quality assurance. Qualitative project risk data can include your risk identification, risk description, and some or all elements of your risk analysis. A Probability and Impact Matrix is a visual representation of the results from Risk Probability and Impact Assessments. In project management, a project artifact is a document designed to keep the project work aligned to project requirements and business goals. Probability of occurrence – 1 – 99%. > Predictive: (Waterfall) Scope, Time, Cost determined early in project. Precision ratings of low, medium, and high can be assigned to the risk assessment. Powered by Kunena Forum. More and more organizations are moving to a risk-based audit approach which is used to assess risk and helps an IT auditor decide as to whether to. Conducting a risk audit is an essential component of developing an event management plan.