Search results for: Risk Response Planning

Risk Response Planning

As a project unfolds, there will be a number of times over the course of the project’s respective life cycle that the project management team and or the project management team leader will find themselves in a position in which they realize that a particular component as to the project and or a particular facet of that project does in fact come with a set or series of inherent risk. After all of these likely and potential risks have been properly organized and categorized, it is up to the project management team and or the project manager to effectively determine the best way to deal with these risks. As the team fully identifies and recognizes the risks that are involved, the next step involves figuring out the best response. This is where risk response planning comes into practice. Risk response planning refers specifically to the act of developing and enlisting a series of options in hopes of reducing any threats that may exist to the predefined program objectives.

This term is defined in the 3rd edition of the PMBOK but not in the 4th.

Implement Risk Response

The process of Implementing Risk Responses is the process of planning and implementing actions and plans in response to project risks. The purpose of this process is to ensure that each of the identified risks on the Risk Register has appropriate actions or plans to mitigate or avoid a risk before it happens or to provide a response when a risk occurs and turns into a project issue.

The idea is to reduce the exposure to risks in the project and minimise threats to the delivery in terms of time, cost or quality.

The inputs to the process are primarily the Risk Register and Assumptions Log but can also be the Lessons Learnt Register. The risks should be sorted into those which present the biggest threat to the project and a process of deciding how to respond to the risk is then undertaken.

The Risk Response Process is used throughout the project lifecycle from the time that the risks are first identified and reviewed regularly to include new risks and also ensure that the response to existing risks remains relevant.

Deciding on a response to a risk utilises several project management techniques including input from experts in the risk topic, project team members and lessons learnt from previous projects. In some cases, a valid risk response could be to ignore or defer the response if it isn’t a significant risk to the project.

Responses can also be proactive and deal with the risk now, undertaking some activities to prevent or minimise the impact of it. In other cases, a risk response plan will only be executed as and when the risk materialises on the project. For some risks, there may be more than one risk response.

The results of the Risk Response Process should be documented in the project Risk Register. Depending on the response plan, Change Requests can be issued and updates to the project plan are made to reflect the Risk Response activities.

Project Risk Management

Project Risk Management is a branch of the discipline of project management that deals with identifying and mitigating risk on a project. The desired outcome of risk management is to increase the probability and maximize the result of positive events. There are six steps to the project risk management process, and these steps are repeated over the course of the entire project.
Risk Management Planning-The process of analysis and decision making with regards to the best address, plan, and implement the risk management activities of a project.
Risk Identification- Assessment of the risk susceptibilities of a project and conveying their traits.
Qualitive Risk Analysis- The process by which risks on a given project are given ranking with regard to their potential occurrence and impact on a project.
Quantitive Risk Analysis- The numerical assessment of the impact of overall risk on a project.

Risk Response Planning-A phase of project management that concerns planning interventions to reduce the risk to a project when faced with an adverse event.
Risk Monitoring and Control-The dynamic and ongoing process of project risk management that notes risk occurrence, assesses the effect of risk, noting new risks, intervention with risk response plans, and assessing their outcomes across the duration of a project.
Risk management may involves the interaction of team members from other work groups to evaluate individual work packages and implement measures to reduce risk to the deliverables as a whole.
Risk is any element of uncertainty that may have a positive or negative impact upon project management such as time to completion, amount of resources, or cost.

This term is defined in the 3rd and the 4th edition of the PMBOK.

Secondary Risk

Project management has many aspects, including risk management. Risk management is essentially the defining of risks to a specific project and the planning of the measures or actions needed to eliminate or to cope with those risks. Project management is never complete without a specific list of potential risks that could affect the project. This list is very important in project management and should not be considered complete until it is taken a step further to contemplate and plan for secondary risks. A secondary risk can be defined as a risk created by the response to another risk. In other words, the secondary risk is a consequence of dealing with the original risk. A simple way to look at this is to think of project management as a chess game in which one has to think as many moves ahead as possible. One has to consider the reaction to the reaction, or in other words, the consequences that could arise from dealing with a problem or risk. Secondary risks are generally not as severe or significant as primary risks, but can become so if not anticipated and planned for appropriately.

This term is defined in the 3rd and the 4th edition of the PMBOK.

Risk Transference

Over the course of a project, there will be a number of times over the course of the project’s respective life cycle that the project management team and or the project management team leader will find themselves in a position in which they realize that a particular component as to the project and or a particular facet of that project does in fact come with a set or series of inherent risk. After all of these likely and potential risks have been properly organized and categorized, it is up to the project management team and or the project manager to effectively determine the best way to deal with these risks. One of the more tried and true mechanisms in the efforts to deal with these multitudes of risks is to shift the impact and of risk from a given project away from the parties involved in the actual management, planning, development, or conducting of a given project, and instead move it to a third party, who would also be assigned with some potential ownership of the anticipated response.

This term is defined in the 3rd and the 4th edition of the PMBOK.

Definitions

This project management glossary has been created with diligence, but there is no guarantee that all definitions are accurate. Some of the terms do not appear in the current version of the PMBOK but are listed here in order to provide information about terms that might still be used.

Also, please note that copying this material is forbidden since the copyright is restricted. You are allowed to quote parts of a definition, provided that you refer to this site with a working backlink AND you don’t quote more than 25 words from one definition in one document.

A

Accept | Acceptance | Acceptance CriteriaAccepted Deliverables | Accuracy | Acquire Project Team | Acquire ResourcesAcquisition | Activity | Activity Attributes | Activity Code | Activity Cost Estimates | Activity Definition | Activity Description | Activity Duration | Activity Duration Estimating | Activity Identifier | Activity List (Activity Network Diagrams) | Activity Resource Estimating [Process] | Activity Resource Requirements | Activity Sequencing [Process] | Activity-on-Arrow (AOA) | Activity-on-Node | Actual Cost | Actual Cost of Work Performed (ACWP) | Actual Duration | Actual Finish Date (AF) | Actual Start Date (AS) | Adaptive Life Cycle | Additional Quality Planning Tools | Adjusting Leads and Lags | Advertising | Affinity Diagram | Agreement | Alternative Analysis | Alternatives Generation | Analogous Estimating [Technique] | Analytical Techniques | Application Area | Applying Leads and LagsApportioned Effort (AE)ApprovalApprove | Approved Change Request [Output/input] | Approved Change Requests Review | Arrow | Arrow Diagramming Method (ADM) [Technique] | As-of Date | Assumptions [Output/Input] | Assumptions Analysis [Technique] | Assumptions LogAttribute Sampling | Authority

B

Backlog | Backward Pass | Bar Chart [Tool] | Baseline | Baseline Finish Date | Baseline Start Date | Basis of Estimates | Benchmarking | Benefits Management PlanBidder Conference | Bid DocumentsBill of materials (BOM) | Bottom-up Estimating [Technique] | Brainstorming [Technique] | Budget | Budget at Completion | Budgeted Cost of Work Performed | Budgeted Cost of Work Scheduled | Buffer | Business Case | Business Value | Buyer

C

Calendar Unit | Cause and Effect Diagram | Central Tendency | Change Control | Change Control Board (CCB) | Change Control System [Tool] | Change Control Tools | Change LogChange Management Plan | Change RequestChart of Accounts | Charter | Checklist | Checklist Analysis | Checksheets | Claim | Claims Administration | Close Procurements | Close Project | Close Project or Phase | Closed Procurements | Closing Process Group | Closing Process | Co-location | Code of Accounts (in Project Management) | Collect Requirements | Colocation | Common Cause | Communication (in project management) | Communication Constraints | Communication Management Plan | Communication Methods | Communication Models | Communication Requirements Analysis | Communication Technology | Communications Management Plan | Communications Planning | Compensation | Compliance | Component | Conduct Procurements | Configuration Management System | Conflict Management | Conformance | Conformance Work | Constraint | Context Diagrams | Contingency | Contingency Allowance | Contingency Reserve | Contingent Reserve Strategies | Contract | Contract Change Control System | Contract Administration | Contract Closure | Contract Management Plan | Contract Statement of Work | Contract Work Breakdown Structure | Control | Control Account | Control Account Plan | Control Chart | Control Communications | Control Costs | Control Limits | Control ProcurementsControl Quality | Control Resources  | Control Risks | Control Schedule | Control Scope | Control Stakeholder Engagement | Controlling | Corrective Action | Cost | Cost Aggregation | Cost Baseline | Cost Budgeting | Cost Control | Cost Estimating | Cost Management Plan | Cost of Quality (COQ) | Cost Performance Index | Cost Variance (CV) | Cost-Plus-Fee | Cost Plus Award Fee Contract (CPAF) | Cost-Plus-Fixed-Fee (CPFF) Contract | Cost Plus Incentive Fee (CPIF) Contract | Cost-Plus-Percentage of Cost (CPPC) | Cost-Reimbursable Contract | Cost-Benefit-Analysis | Crashing | Create Work Breakdown Structure (WBS) | Criteria | Critical Activity | Critical Chain Method | Critical Path | Critical Path Activity | Critical Path Method (CPM) | Current Finish Date | Current Start Date | Customer | Customer Satisfaction

D

Data Date (DD) | Date | Data Gathering and Representation Techniques | Decision Making techniquesDecision Tree Analysis | Decomposition | Defect | Defect Repair | Define Activities | Define Scope | Deliverable | Delphi Technique | Dependency | Dependency Determination | Design of Experiments | Design Review | Determine Budget | Develop Project Charter | Develop Project Management Plan | Develop Project Scope Statement (preliminary) | Develop Project Team | Develop Schedule | Develop TeamDiagramming Techniques | Dictatorship | Direct and Manage Project Work | Direct and Manage Project Execution | Discipline | Discrete Effort | Discretionary Dependency | Document | Document Analysis | Documentation Reviews | Documented Procedure | Dummy Activity | Duration

E

Early Finish Date | Early Start Date | Earned Value | Earned Value Management | Earned Value Technique | Effort | Emotional Intellligence | Enterprise | Enterprise Environmental Factors | Estimate | Estimate Activity Durations | Estimate Activity Resources | Estimate at Completion | Estimate Costs | Estimate to Complete | Event | Exception Report | Execute | Executing | Executing Process | Executing Process Group | Execution | Expected Monetary Value Analysis | Expert Judgment | Explicit KnowledgeExternal Dependency

F

Facilitated Workshops | Failure Mode and Effect Analysis | Fallback Plan | Fast Tracking | Fee | Finish Date | Finish-to-Finish | Finish-to-Start | Firm-Fixed-Price Contract | Fishbone Diagram | Fixed Formula Method | Fixed-Price-Incentive-Fee Contract |
Fixed Price with Economic Price Adjustment Contract (FP-EPA) | Fixed-Price Contract | Fixed-Price or Lump Sum Contract |
Float | Flowchart | Flowcharting | Focus Groups | Forecasts | Forward Pass | Free Float | Functional Manager | Functional Organization | Funding Limit Reconciliation | Funds

G

Gantt Chart | Goods | Grade | Ground Rules | Group Creativity Techniques | Group Decision Making Techniques | Guideline

H

Hammock Activity | Hard Logic | Histogram | Historical Information | Human Resource Management Plan | Human Resource Planning

I

Idea/Mind Mapping | Identify Risks | Identify Stakeholders | Implement Risk ResponseImposed Date | Incentive Fee | Incremental Life Cycle | Influence Diagram | Independent Estimates | Influencer | Information Distribution | Information Gathering Techniques | Information Management Systems | Initiating Process | Initiator | Input | Inspection | Inspections and Audits | Integral | Integrated | Integrated Change Control | Interpersonal Skills | Interrelationship Digraphs | Interviews | Invitation for Bid | Issue | Issue Log | Iterative Life Cycle

K

Knowledge | Knowledge Area Process | Knowledge Area, Project Management

L

Lag | Late Finish Date | Late Start Date | Latest Revised Estimate | Lead (Technique) | Lessons Learned | Lessons Learned Knowledge Base | Level of Effort (LOE) | Leveling | Life cycle | Log | Logic | Logic Diagram | Logical Relationship

M

Majority | Make-or-Buy Analysis | Make-or-Buy Decisions | Manage Communications Project Team | Manage Stakeholders | Manage Stakeholder Engagement | Management Reserve | Management Skills | Mandatory Dependency | Market Research | Master Schedule | Material | Materiel | Matrix Diagrams | Matrix Organization | Methodology | Milestone | Milestone List | Milestone schedule | Monitor | Monitor and Control Project Work | Monitoring | Monitoring and Controlling Processes | Monte Carlo Simulation | Monte Carlo Analysis | Most Likely Duration

N

Near-Critical Activity | Negotiation | Network | Network Analysis | Network Logic | Network Loop | Network Open End | Network Path | Networking [Technique] | Node | Nominal Group Technique | Nonconformance Work

O

Objective | Observations | Operations | Opportunity | Optimistic Duration | Organization | Organization Chart [Tool] | Organizational Breakdown Structure (OBS) | Organizational Process Assets | Organizational Project Management Maturity | Original Duration (OD) | Output

P

Parametric EstimatingPareto Chart | Path Convergence | Path Divergence | Payment Systems | Percent Complete (PC or PCT) | Perform Integrated Change Control | Perform Qualitative Risk Analysis | Perform Quality Assurance (QA) | Perform Quantitative Risk Analysis | Perform Quality Control (QC) | Performance Maintenance Baseline | Performance Reporting | Performance Reports | Performance Reviews | Performing Organization | Phase | Phase Gate | Plan Communications Management | Plan Contracting | Plan Cost Management | Plan Human Resource Management | Plan Procurment Management | Plan Purchases and Acquisitions | Plan Quality Management | Plan Risk Management | Plan Risk Responses | Plan Schedule Management | Plan Scope Management | Plan Stakeholder Management | Planned Finish Date | Planned Start Date | Planned Value | Planning Package | Planning Processes | Policy | Portfolio | Portfolio Management | Position Description | Practice | Precedence Diagramming Method | Precedence Relationship | Precision | Predecessor Activity | Predictive Life Cycle | (Preferential Logic) | (Preferred Logic) | Preventive Action | Prioritization Matrices | Probability and Impact Matrix | Procedure | Process | Process Analysis | Process Decision Program Charts (PDPC) | Process Group | Process Improvement Plan | Procurement Audits | Procurement Documents | Procurement Management Plan | Procurement Performance Reviews | Procurement Statement of Work | Product | Product Analysis | Product Life Cycle | Product Scope | Product Scope Description | Program | Program Evaluation and Review Technique | Program Management | Program Management Office | Progressive Elaboration | Project | Project-Based Organizations (PBOs) | Project Calendar | Project Charter | Project Communications Management | Project Cost Management | Project Funding Requirements | Project Governance | Project Human Resource Management | Project Initiation | Project Integration Management | Project Life Cycle | plan procurement management process |
Project Management Body of Knowledge (PMBOK) | Project Management Information System (PMIS) | Project Management Knowledge Area | Project Management Office | Project Management Plan | Project Management Process | Project Management Process Group | Project Management Professional | Project Management Software | Project Management Staff | Project Management System | Project Management Team | Project Manager | Project Organization Chart | Project Phase | Project Process Groups | Project Procurement Management | Project Quality Management | Project Risk Management | Project Schedule | Project Schedule Network Diagram | Project Scope | Project Scope Management | Project Scope Management Plan | Project Scope Statement | Project Sponsor | Project Stakeholder | Project Stakeholder Management | (Project Statement of Work) | Project Summary Breakdown Structure | Project Team | Project Team Dictionary | Project team members | Project Time Management | Project Work | Projectized Organization | Proposal Evaluation Techniques | Prototypes

Q

Qualitative Risk Analysis | Quality | Quality Audits | Quality Checklists | Quality Control Measurements | Quality Function Deployment (QFD) | Quality Management and Control Tools | Quality Management Plan | Quality Management System | Quality Metrics | Quality Planning | Quality Policy | Quality Requirement | Quantitative Risk Analysis and Modelling Techniques | Quantitative Risk Analysis | Questionnaires and Surveys

R

RACI | Records Management System | Regression Analysis | Reliability | Remaining Duration | Reporting Systems | Request for Information (RFI) | Request for Proposal (RFP) | Request for Quotation (RFQ) | Request Seller Responses | Requested Change | Requirement | Requirements Documentation | Requirements Management Plan | Requirements Traceability Matrix |
Reserve | Reserve Analysis | Residual Risk | Resource | Resource Breakdown Structure | Resource Calendar | Resource Histogram | Resource Leveling | Resource Optimization Techniques | Resource Planning | Resource Smoothing | Resource-constrained Schedule | Resource-Limited Schedule | Responsibility | Responsibility Assignment Matrix | Result | Retainage | Rework | Risk | Risk Acceptance | Risk Appetite | Risk Audit | Risk Avoidance | Risk Breakdown Structure | Risk category | Risk Categorization | Risk Database | Risk Data Quality Assessment | Risk identification | Risk management plan | Risk Management Planning | Risk Mitigation | Risk Monitoring and Control | Risk Reassessment | Risk Register | Risk Response Planning | Risk Threshold | Risk Tolerance | Risk Transference | Risk Urgency Assessment | Role | Rolling Wave Planning |
Root Cause Analysis

S

S-Curve | Scatter Diagram | Schedule | Schedule Activity | Schedule Analysis | Schedule Baseline | Schedule Compression | Schedule Control | Schedule Data | Schedule Development | Schedule Forecasts | Schedule Management Plan | Schedule Milestone | Schedule Model | Schedule Network Analysis | Schedule Network Templates | Schedule Performance Index (SPI) | Scheduled Finish Date (SF) | Scheduled Start Date (SS) | Scheduled Variance (SV) | Scheduling Tool | Scope | Scope Baseline | Scope Change | Scope Control | Scope Creep | Scope Definition | Scope Management Plan | Scope Planning | Scope Verification | Secondary Risk | Select Sellers | Selected Sellers | Seller | Seller Proposals | Sensitivity Analysis | Sequence Activities | Seven Basic Quality Tools | Service | Should-Cost Estimate | Simulation | Skill | Soft Logic | Source Selection Criteria | Special Cause | Specification | Specification Limits | Sponsor | Sponsoring Organization | Staffing Management Plan | Stakeholder | Stakeholder Analysis | Stakeholder Management Plan | Stakeholder Register | Standard | Start Date | Start-to-Finish (SF) | Start-to-Start | Statement of Work | Statistical Sampling | Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis | Subnetwork | Subphase | Subproject | Successor Activity | Summary Activity, Hammock Activity | SWAG | SWOT Analysis | System

T

Tailor | Target Completion Date | Target Finish Date | Target Schedule | Target Start Date (TS) | Team Members | Technical Performance Measurement | TechniqueTemplate | Threat | Three-Point Estimates | Thresholds | Time & Material (T&M) Contract | Time-Scaled Schedule Network Diagram | To-Complete Performance Index | Tornado Diagram | Tool | Total Float | Total Quality Management (TQM) | Tree Diagram | Trend Analysis [Technique] | Trigger Condition | Triple Constraint

U

Unanimity | User | Validate Scope | Validation | Value Engineering | Variance | Variance Analysis | Variance at Completion (VAC) | Variation | Velocity | Verification | Verified Deliverables | Virtual Team | Voice of the Customer

W

War Room | Weighted Milestone Method | What-if Scenario Analysis | (WBS Dictionary) | Work | Work Authorization (Method) | Work Authorization System | Work Breakdown Structure | Work Breakdown Structure Component | Work Breakdown Structure Dictionary | Work Package | Work Performance Data | Work Performance Information | Work Performance Reports |
Workaround