4 Risk Response Planning Free Online FlashCards

What factors guide the choice of a risk response strategy?

Consider likelihood and impact, project objectives and risk tolerance, available resources, and the cost and side effects of acting. More than one strategy may be combined.

What does avoiding a threat involve?

Avoid a threat by changing the plan to remove it or protect the project objective from its effect.

How does a team exploit an opportunity?

Exploit an opportunity by acting to make it happen.

How do risk owners and action owners differ?

The risk owner oversees a particular risk, monitors it, and ensures a suitable response is selected and carried out. An action owner performs a specific assigned task.

What makes a planned risk response actionable?

Specify the action, risk addressed, owners, due date, resources, approvals, trigger, expected effects, and how completion and effectiveness will be checked.

What is residual risk, and what should follow its identification?

Residual risk is the exposure that remains after a planned response. Reassess its likelihood and impact, then decide whether it is tolerable, needs another response, or should be monitored or escalated.

How should a risk response plan be maintained?

Record strategies, actions, owners, triggers, due dates, and risk assessments in the risk register or a linked plan. Monitor triggers and progress, check effectiveness, and update the plan as conditions change.

What is the purpose of threat mitigation?

Mitigate a threat by reducing its likelihood, its impact, or both.

What does transferring a threat change—and what may remain?

Transfer shifts some financial exposure or responsibility to another party, for example through insurance or a contract. The threat itself may remain.

What does accepting a threat mean?

Accept a threat by taking no proactive action beyond monitoring, or by preparing a contingency to use if it occurs.

What does enhancing an opportunity aim to increase?

Enhance an opportunity by increasing its likelihood or its beneficial impact.

What makes sharing an opportunity a response strategy?

Share an opportunity by partnering with a party better able to realize it and agreeing how responsibility or benefits will be shared.