Plan Risk Responses 

Purpose

To select strategies and define actions for addressing individual risks and overall project risk.

It answers:

• What should we do about each risk?

• Who will take ownership?

• When and how will responses be implemented?

Key Inputs

• Risk Register (prioritized risks)

• Risk Report (overall project risk)

• Risk Management Plan

  • 1. Project Documents:

       1. 1. Assumptions log

          2. Cost and schedule estimates
             
             

• Enterprise Environmental Factors (EEF)

• Organizational Process Assets (OPA)

 Risk Response Strategies

1. Strategies for Threats (Negative Risks)

Avoid

• Eliminate the risk entirely

• Example: Change scope or approach
  
  

Mitigate

• Reduce probability or impact

• Example: Add testing, improve design
  
  

Transfer

• Shift risk to a third party

• Example: Insurance, outsourcing, fixed-price contracts

Accept

• Take no immediate action (active or passive)

• Example: Use contingency reserves
  
  

2. Strategies for Opportunities (Positive Risks)

Exploit

• Ensure the opportunity occurs

• Example: Assign best resources

Enhance

• Increase probability or impact

• Example: Improve conditions for success

Share

• Partner with others to realize opportunity

• Example: Joint ventures

Accept

• Take advantage if it occurs
  
  

Strategies for Overall Project Risk

• Adjust project strategy

• Rebalance scope, schedule, or cost

• Increase contingency reserves

• Change execution approach (e.g., agile vs predictive)

Tools & Techniques

Expert Judgment - Input from experienced professionals

Data Gathering

• Interviews

• Brainstorming

Decision-Making Techniques

• Cost-benefit analysis

• Multi-criteria decision analysis

Interpersonal & Team Skills

• Facilitation

• Negotiation

Key Outputs

Updated Risk Register

Includes:

• Selected response strategies

• Specific response actions

• Risk owners

• Trigger conditions (early warning signs)

Risk Response Plan

• Detailed action plan for implementing responses

Change Requests

If responses require:

• Scope changes

• Schedule updates

• Budget adjustments

Project Document Updates

• Assumptions log

• Lessons learned register

• Project schedule and cost baseline