Introducing Project Risk Management - Planning for Risk Responses
18 important questions on Introducing Project Risk Management - Planning for Risk Responses
What are important considerations when planning for risk response?
- The response to the identified risks must be in balance with the risk itself
- The people or individuals assigned to the risk must have the authority to react to the risk.
What are the two inputs that are needed for appropriate risk response?
What is the key objective of risk response planning?
- To bring the overall risk of the project down to an acceptable level.
- Address any risks that have an unacceptably high score
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How does risk response creation work?
- Determine the category of risk response
- Develop the response
- Refine the response
- Document the response
- Make the response ready for use
How can a negative risk or threat be avoided?
- By changing the project plan to eliminate the risk
- Clarification to avoid discrepancies
- Hiring additional resources to deal with technology in the project
- Use proven technologies rather than new approaches
What does transferring of risks mean?
What does mitigation of risks mean?
What are examples of mitigation of project risks?
- Adding activities to the project to reduce the risk probability or impact
- Simplifying the processes within the project
- Completing more tests on the project work before implementation
- Developing prototypes, simulations, and limited releases.
What are means of dealing with positive risks and opportunities?
- Exploiting the positive risk or opportunity - to ensure that the risk does happen in order to realize the positive impact of the risk event
- Sharing the positive risk - sharing the risk ownership and transferring it to the organization that can capitalize most on the risk opportunity
- Enhancing of the positive risk - an attempt to modify the risk probability and / or impacts on the project in order to realize the most gains from the identified risk.
What do we mean with risk acceptance? And what is passive acceptance, and active acceptance?
What do we mean with a contingency plan? And a fallback plan?
A fallback plan is a reaction to risk that has occurred when the primary response proves to be inadequate.
What is a contingency allowance?
The amount of money the project will likely need in the contingency reserve based on the impact, probability, and expected monetary value of a risk event.
What should happen as a result of risk response planning?
What do we mean with residual risks?
What do we mean with a secondary risk?
When is it needed to create contracts for risk response?
What do we mean with justification of risk reduction?
What is a final activity that needs to take place as a consequence of risk response planning?
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