Plan Risk Responses is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives (Figures 11 -17 and 11 -18). It follows the Perform Qualitative Risk Analysis process and the Perform Quantitative Risk Analysis process (if used). It includes the identification and assignment of one person (the "risk response owner") to take responsibility for each agreed-to and funded risk response. Plan Risk Responses addresses the risks by their priority, inserting resources and activities into the budget, schedule and project management plan as needed.
Planned risk responses must be appropriate to the significance of the risk, cost effective in meeting the challenge, realistic within the project context, agreed upon by all parties involved, and owned by a responsible person. They must also be timely. Selecting the best risk response from several options is often required.
The Plan Risk Responses section presents commonly used approaches to planning responses to the risks. Risks include threats and opportunities that can affect project success, and responses are discussed for each.
.1 Risk register
.2 Risk management plan g—a
.1 Strategies for negative risks or threats .2 Strategies for positive risks or opportunities .3 Contingent response strategies .4 Expert judgment
.1 Risk register updates .2 Risk-related contract decisions .3 Project management plan updates .4 Project document updates
Figure 11-17. Plan Risk Responses: Inputs, Tools & Techniques, and Outputs
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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.