Risk Response Planning Notes: Definitions & Explanations PDF | Download eBooks
Study Risk Response Planning lecture notes PDF with project management definitions and explanation to study “What is Risk Response Planning?”. Study risk response planning explanation with project management terms to review project management course for online MBA programs.
Risk Response Planning Definitions:
Risk response planning involves developing an action plan to reduce the impact or likelihood of each risk, establishing a trigger point for when to implement the actions to address each risk, and assigning responsibility to specific individuals for implementing each response plan.
Successful Project Management by Jack Gido and James P. Clements
Risk response planning is defined as the process of developing options, selecting strategies, and agreeing on actions to address overall project risk exposure, as well as to treat individual project risks.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Risk Response Planning Notes:
A risk response planning process involves preparing a plan which will be implemented in response to a potential risk. The risk response plan can be developed for three types of situations. The first situation is to avoid the risk. The risks associated with the projects are identified in the start of the project. These risks can be avoided i.e. eliminate the risks before it happens. This can happen by changing the course of action. The second situation is to mitigate the risk. It means to reduce the chances of occurrence of a risk or at least reducing the impact of the risk on the project. The third situation is to accept the risk. Accepting the risk means to take appropriate corrective actions when a risk occurs. One way of risk acceptance is to develop and implement a contingency plan.
Keep Learning with Project Management Notes
What is Earned Value?
The project monitoring process tends to check if the project is performing according to the plan. Earned value is a ...
What is Robust Design?
It is must that a project contains risks. These risks must be identified and monitored in order to control them. ...
What is Make-or-Buy Analysis?
In the process of procurement management, data regarding the need of procurement is collected. The gathered data must be analyzed. ...
What is Success?
When projects are carried out, the most important aspect is the success. The definition of word 'success' is getting or ...
What is Qualitative Risk Analysis?
Risks in project are inevitable. After identification of potential risks, the risks must be analyzed. The analysis of risks involve ...
What is Stereotyping?
Stereotyping shows a generalized opinion about a group of people. Stereotyping can be done based on ethnicity, language, race, gender ...