The purpose of the risks management plan is to identify the risk event or condition that, if it occurs, could have negative effect on the outcome of the project. The project considered in situ is the management of residual veterinary drugs. Given this context risk management will help to identify, assess, respond to, monitor the risks and report the risks. The analysis points considered are similar to the risks assessment points, however the risk management plan is much more comprehensive than the assessment because the risks are not only identified here but the risk mitigation, priority settings and more are also planned out. The risk identification step will involve different stakeholder perspectives. However, since the research being done is a secondary research stakeholder perspectives are provided as collected from secondary research articles and government reports.
The normal risk management plan will include two sections 1) A qualitative risks analysis and 2) a quantitative risks analysis (Schweiger et al, 2004; Courtheyn et al, 2002). The qualitative risks analysis is one in which the risks identified, the probability and the impact is analyzed. This form of qualitative risks analysis is useful for pursuing the top risks that have most impact versus the risks that could be ignored because the probability of its occurrence is low or because the impact even if the risk occurs is negligible. In terms of probability, the usual terms are to consider risk probability as being higher is there is a Greater than <70%> probability of occurrence, Medium – Between <30%> and <70%> probability of occurrence and Low – Below <30%> probability of occurrence. The very low probability risks might not be considered as having much of an impact. The impact of the risks is considered as those that will have a detrimental effect on the project. In this given case context, the impact is considered from both the Europe and Chinese management perspective of veterinary drug residues and food safety. The impact would not only be detrimental to the country or member states in which the risk occurs. These risks could spread causing a much more widened impact circle. A high risk in this context is classified as one that has the potential to greatly impact the work of the management, bring into context multiple health hazards for the livestock and also the people who consume the livestock. The medium risk is one that has the potential to have a slight impact, the impact although not as much as the high impact risk could still cause possible detriments to the management end (Zeleny et al, 2006). The low risks are those that are identified as having little impact on the veterinary public health. However, the low risks cannot be totally ignored either. Compared to the qualitative risk analysis, the quantitative Risk Analysis on the other hand will consider numerical ratings in risks analysis. This method is not pursued here.