Monday, 18 March 2013

Risk Management Exam - Plan Risk Reponses

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.

  • Risk Reg
  • RMP

  • Strategy for neg risk or threat
  • Strat for Pos R or opp
  • Contingency Response strategy
  • Expert Judgment

  • Risk reg
  • Risk related contract decisions
  • PMP
  • Project docs

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

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