Below are my small notes for this process. I used this in conjunction with the main notes, that I described in an earlier post.
- Process of devising options and actions to enhance opportunities and reduce threats to project objectives.
- Includes assign risk owner.
- Addresses risks by priority.
Strategy for negative risks
- Avoid – Change plan
- Transfer – To someone else. 3rd Party. Insurance, warrantee, guarantee
- Mitigate – Reduce probability, change supplier, more testing
- Accept – Passive (do nothing) Active (strategy or contingency plan)
Strategy for Positive Risks
- Exploit – ensure risk is realised, eliminate uncertainty
- Share – Allocate some of opportunity to 3rd party to ensure risk is realised. Both share gains
- Enhance – Increase probability or impact – e.g. more resource for early finish
- Accept – Not actually pursue, but take opportunity if it comes along