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.
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