In the Plan Risk Responses process, appropriate responses are chosen, agreed upon, and included in the risk register. The risk register should be written to a level of detail that corresponds with the priority ranking and the planned response. Often, the high and moderate risks are addressed in detail. Risks judged to be of low priority are included in a "watchlist" for periodic monitoring. Components of the risk register at this point can include:
• Identified risks, their descriptions, area(s) of the project (e.g., WBS element) affected, their causes (e.g., RBS element), and how they may affect project objectives;
• Risk owners and assigned responsibilities;
• Outputs from the Perform Qualitative Analysis process (Section 11.3), including prioritized lists of project risks;
• Agreed-upon response strategies;
• Specific actions to implement the chosen response strategy;
• Symptoms and warning signs of risks' occurrence;
• Budget and schedule activities required to implement the chosen responses;
• Contingency plans and triggers that call for their execution;
• Fallback plans for use as a reaction to a risk that has occurred, and the primary response proves to be inadequate;
• Residual risks that are expected to remain after planned responses have been taken, as well as those that have been deliberately accepted;
• Secondary risks that arise as a direct outcome of implementing a risk response; and
• Contingency reserves that are calculated based on the quantitative analysis of the project and the organization's risk thresholds.
Was this article helpful?
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.