PMBok 7th Risk Management : Risk Response

PMBok 7th Risk Management : Risk Response

• Task 1 : Plan risk response
  • Determine appropriate risk response strategy
    • Avoid
    • Mitigate
    • Enhance
    • Exploit ?
    • Share ?
    • Escalate ?
    • Accept
      • Contingency planning
      • etc.
  • Decide the risk response actions (time bound) based on the risk response strategies and identify action owners
  • Assess the effectiveness of the risk response actions against the identified strategy and the project objectives impact
    • cost/schedule/environment, etc …
    • effect of the action on the probability or the risk impact
  • Illustrate and communicate effectiveness of the risk response strategies o risk burndown chart, dot plots
  • Determine the work around
  • Allocate responsibilities
  • Outline an appropriate responsibility matrix for a metricized project environment
  • Re-evaluate organizational risks
• Task 2 : Implement risk response
  • Execute the risk response plan(s)
  • Execute the contingency plan(s)
  • Encourage stakeholders to provide feedback on the risk response
  • Evaluate and react to secondary and residual risks from the response implementation
  • Improvise as needed

PMI-RMP Certification exam flashcards

Created : 23/05/2022