Remember that you might need to revisit other Planning processes after performing Plan Risk Responses to modify project plans as a result of risk responses

Let's take a look at what the risk register should contain at this point. According to the PMBOK® Guide, after Identify Risks, Perform Qualitative Risk Analysis, and Perform Quantitative Risk Analysis are preformed, the following elements should appear in the risk register:

■ Prioritized list of identified risks, including their descriptions, what WBS element they impact (or area of the project), categories (RBS), root causes, and how the risk impacts the project objectives

■ Risk owners and their responsibility

■ Outputs from the Perform Qualitative Analysis

■ Agreed-upon response strategies

■ Actions needed to implement response plans

■ Cost and schedule activities needed to implement risk responses

■ Contingency plans

■ Fallback plans

■ List of residual and secondary risks

■ Contingency reserves

The only elements in the preceding list I haven't talked about so far are residual and secondary risks. A residual risk is a leftover risk, so to speak. After you've implemented a risk response strategy—say mitigation, for example—some minor risk might still remain. The contingency reserve is set up to handle situations like this.

Secondary risks are risks that come about as a result of implementing a risk response. The example given previously where you transferred risk by hiring a driver to take you to your destination but the person became ill along the way is an example of a secondary risk. The driver's illness delayed your arrival time, which is a risk directly caused by hiring the driver or implementing a risk response. When planning for risk, identify and plan responses for secondary risks.

Project Management Made Easy

Project Management Made Easy

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.

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