11.5 Plan Risk Responses
Process Definition
Planning risk responses involves deciding which response approach to use for each risk, then creating a plan for addressing that risk. Approaches for responding to negative risks include:
- Avoid
- Transfer
- Mitigate
- Accept
The project team can develop approaches for addressing either or both the probability and impact of qualitative risks, or comprehensive approaches for addressing quantitative risk.
Process Assessment
Understanding the four approaches to planning risk responses is helpful in thinking through the response options for individual risks. I usually try to think of two responses, and it is often possible.
Figure 25. Plan Risk Responses: Inputs, Tools and Techniques, and Outputs. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide), 5th Edition" by Project Management Institute, 2013, p. 342. Copyright 2013 by Project Management Institute, Inc. Reprinted without permission.
- Risk Management Plan: The risk management plan, as an input to this process, provides the guidelines by which project team members will identify risks.
- Strategies for Negative Risks: PMGT 614 homework discussion of tools and techniques for devising risk response strategies.
- Project Document Updates: This updated risk register is an example of a project document that gets updated as an output of the risk response planning process.