Search Results for: 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.

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 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.

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.