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Project Management & Agile · Foundational

Plan Risk Responses

Process of developing options, selecting strategies, and agreeing on actions to address overall and individual project risks.

Definition

Threat strategies: escalate, avoid, transfer, mitigate, accept. Opportunity strategies: escalate, exploit, share, enhance, accept. Each response has an owner, and contingency and fallback plans may be prepared.

Example

The team buys insurance (transfer) for equipment damage and adds a second supplier (mitigate) for delivery risk.

Exam tip

Each risk needs a risk owner; responses should be appropriate to significance and cost-effective.

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