Study 6 Planning Responses to Project Risks with 12 free online flashcards. Review key terms, definitions, and concepts with this interactive flashcard deck.
What should guide the choice of a project risk response?
Consider likelihood, potential effect, timing, urgency, and the response’s cost and side effects. Choose an approach proportionate to the risk and feasible within the project’s authority, schedule, and budget.
What does avoiding a project threat mean?
Avoidance changes the approach, scope, or plan so the threat can no longer affect the project.
What does exploiting an opportunity mean?
Exploitation means acting to make the opportunity happen.
When is escalation a suitable risk response?
Escalation raises the risk to the appropriate organizational level for a decision when it is outside the project’s authority or scope.
How do a risk owner and an action owner differ?
The risk owner is accountable for monitoring the risk and coordinating its response. An action owner may separately be assigned to carry out a specific task.
How do a response trigger and contingency differ?
A trigger is a measurable sign or event that calls for a planned action. A contingency is the fallback action if a threat occurs, or the action to capture an opportunity when its trigger appears.
What are residual and secondary risks?
Residual risk is exposure remaining after the planned response. Secondary risks are new risks the response itself may create; both should be recorded and assessed.
How should approved response work be integrated into a project?
Add approved response actions to work packages, schedules, and team assignments, and estimate their resources and costs. Include them in the appropriate plans or baselines under approval and change-control rules.
What is threat mitigation?
Mitigation reduces the likelihood of the threat, its impact, or both.
What does transferring or sharing a threat do?
It arranges for another party to carry or share part of the exposure, for example through insurance or a contract. The project may retain some risk.
What does accepting a threat involve?
Threat acceptance is a deliberate choice to take no proactive action beyond monitoring, or to prepare a contingency response if the threat occurs.
What is opportunity enhancement?
Enhancement increases the likelihood of the opportunity or the benefit it would provide.
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