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.

Inputs	Tools	Outputs
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