Several risk response strategics arc available. The strategy or mix of strategies most likely to be effective should be selected for each risk. Risk analysis tools, such as decision tree analysis (188.8.131.52), can be used to choosc the most appropriate responses. Then, specific actions arc developed to implement that strategy. Primary and backup strategies (as necessary) should be selected. A fallback plan can be developed for implementation (as warranted) if the selected strategy turns out not to be fully effective, or if an accepted risk occurs. Secondary risks (risks driven by the strategies) should also be reviewed. Often, a contingency reserve is allocated for time or cost. Finally, contingency plans can be developed, along with identification of the conditions that trigger their execution.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.