3 December 2022

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

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