It is crucial to reduce the threats of risks to a project. The presence of too many risks decreases the likelihood for the project for becoming successful. Each risk should have its own corresponding discussion. The Plan Risk Response is a process in project management that is used to develop options and encourage action to promote opportunities as well as reduce the threats of the project.
The benefit of this particular project management process is that it helps address the risk according to their priority. It also inserts resources as well as activities into the schedule, budget and project management plan.
This process relies on inputs such as the risk management plan and the risk register to develop options to manage risks. It also produces outputs such as updates on the project management plan and project documents.
The Plan Risk Response follows the Perform Qualitative Risk Analysis. It is necessary to understand the mechanism which will address the risk. With this process, it will also be easier for the project manager to identify and assign individuals to take responsibility for each funded risk response.
This term is defined in the 5th edition of the PMBOK.