11.5 Plan Risk Responses
Process Definition
Planning risk responses is the process of determining the most effective course of action to mitigate a risk. This process determines the desired effect of each risk response and assigns responsibility to an individual to take the determined action to reduce or counter the risk.
Figure 28. Project Management Body of Knowledge Figure 11-18. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide), 5th Edition" by Project Management Institute, 2013, p. 232. Copyright 2013 by Project Management Institute, Inc. Reprinted without permission.
Process Assessment
Risk responses are used to determine the mechanism or course of action that will be utilized to address the risk. This in turn can be used to evaluate the risk response plan is having the planned effect. Each response should be proportionate to the risk, cost-effective, achievable, and agreed upon by all parties.
(Inputs) Risk Management Plan
The risk management plans can provide the methods, roles & responsibilities, budgeting, timing, stakeholder tolerances, and tracking/reporting formats associated with the projects risks. This example is from a group project in PMGT 613 Assessing and Managing Project Risk, written by Jeremy Curbey, Kevin Bundi, Benjamin Lundy, Sonya Slater, and Domingo Tuckler.
(Tools & Techniques) Risk Responses Tools & Techniques
There are many strategies for planning risk responses. From my experience a blend or mix of multiple strategies produce the best results. This example describes a few of the strategies. This example is from a group project in PMGT 613 Assessing and Managing Project Risk, written by Jeremy Curbey, Kevin Bundi, Benjamin Lundy, Sonya Slater, and Domingo Tuckler.
(Outputs) Project Documents Updates
Once risk responses have been solidified it is important to update the risk management plan and register. This example discusses that importance. This example is from a group project in PMGT 613 Assessing and Managing Project Risk, written by Jeremy Curbey, Kevin Bundi, Benjamin Lundy, Sonya Slater, and Domingo Tuckler.