During risk planning, we decide what we will do if risks occur. During Implement Risk Responses, we actually do.
Key Activities
1. Monitor Risk Triggers
Risk triggers are warning signs indicating a risk may occur.
Example
Risk: Vendor delivery delay
Trigger: Vendor misses intermediate milestone
When the trigger occurs: Response plan must start immediately.
2. Execute Planned Responses
The project team performs predefined actions.
Example
Threat: Key engineer may leave project.
Planned Response: Cross-training.
Implementation: Actually conduct training sessions.
3. Implement Contingency Plans
Some responses are activated only when specific events occur.
Example
Risk: Flooding at construction site.
Contingency Plan: Move operations to alternate location.
Once flooding occurs: Activate backup site.
4. Implement Opportunity Responses
Not all risks are negative.
Positive risks should also be implemented.
Example
Opportunity: Supplier offers faster delivery.
Response: Exploit opportunity and accelerate schedule.
5. Coordinate Risk Owners
Each risk should have an owner.
Risk owners:
Monitor risk
Implement response
Report status
6. Update Risk Information
New information may emerge.
Possible outcomes:
Risk disappears
Risk probability changes
New risk identified
The risk register must be updated continuously.
Outputs
Change Requests
Implementation may reveal need for changes.
Examples:
Additional budget
Schedule revision
Scope modification
Project Management Plan Updates
Risk response implementation may affect:
Cost baseline
Schedule baseline
Resource plans
Project Documents Updates
Risk Register
Updated with:
Response status
New risks
Residual risks
Issue Log
Risks that occur become issues.
Risk Report
Provides:
Overall project risk exposure
High-priority risks
Trends