11.5 Plan Risk Responses Process | Project Risk Management || whatispmp.com

11.5 Plan Risk Responses Process | Project Risk Management. Check out link ►► http://whatispmp.com/plan-risk-responses/ ========================================= Chapter 11: Project Risk Management Knowledge Area:- ========================================= 11.1 Plan Risk Management Process: http://whatispmp.com/plan-risk-management/ 11.2 Risk Identification Process: http://whatispmp.com/risks-identification-process/ 11.3 Perform Qualitative Risk Analysis Process: http://whatispmp.com/perform-qualitative-risk-analysis/ 11.4 Perform Quantitative Risk Analysis Process: http://whatispmp.com/perform-quantitative-risk-analysis/ 11.5 Plan Risk Responses Process: http://whatispmp.com/plan-risk-responses/ 11.6 Monitor and Control Risks Process: http://whatispmp.com/monitor-and-control-risks-process/ 11.7 Risk Tolerance: http://whatispmp.com/risk-tolerance/ 11.8 Risk Roles and Responsibilities: http://whatispmp.com/risk-roles-and-responsibilities/ ~~~~~~~~~~~~~~~~~~~~~~~~~ 11.5 Plan Risk Responses Process | Project Risk Management Knowledge Area. ~~~~~~~~~~~~~~~~~~~~~~~~~ In Plan Risk Responses Process, we’ll decide on the actions needed to reduce the threat of negative risks or enhance the opportunities for positive risks as well as developing contingency plans. Plan Risk Responses Process occurs after identified risks have been prioritized, and it will generally focus only on the highest priority risks. It'll need to reoccur any time new priority risks are uncovered or as known risks are reassessed, and replanning may be required if the responses previously planned for risks prove to be ineffective. In previous project risk processes, the risks were identified, analyzed, and prioritized but no action plans for the risks were established. When discussing risk response planning, there are three different types of risk actions involved: Risk response: The risk response determines the strategy for influencing the probability and impact of the risk before it occurs. For negative risks, its aim is to eliminate the risk or reduce its impact should it occur. For positive risks, the response tries to increase the probability or impact of the risk. The activities that support the risk response are taken before the risk occurs. For example, if the risk response strategy was to minimize a schedule risk, the response activities might be reworking the schedule to reduce the risks factors so that the risk never materializes. Contingent response/contingency plan: Another type of risk action is called a contingent response, and it establishes what activities will take place should a specific event or situation occur and when those activities will cease. A contingency plan aims to influence the impact of a risk that is occurring. The risk response occurs before the risk and tries to alter the probability and/or impact while the contingency plan only occurs after the trigger (usually the risk event) and focuses only on changing the impact. Regardless of the primary risk response strategy, a contingency plan should be in place for all but the lowest priority risks (and even those depending on what objectives they can impact). As an example, consider a schedule risk related to resource contention in which there're only a few people within the organization who can perform the needed tasks. The primary risk response might be to mitigate the risk by splitting the main activity into some subcomponents that a junior staff member can perform. But there's still a chance the senior-level resources will not be able to complete their portion by the deadline, so a contingent response is also established that will kick in should the activity fall behind by more than three days. [...] Check out link ►► http://whatispmp.com/plan-risk-responses/ ============================ Share video: https://youtu.be/KRCQbbjbce0 ============================ Subscribe to our channel: https://goo.gl/pJeXcj website: http://whatispmp.com Facebook: https://fb.me/whatispmp Google+: https://goo.gl/FQGzT5 ============================ PMP Tutorial ►► http://whatispmp.com/PM-Tutorial --------------------------------------------------------- This tutorial covers the following subject matter: Knowledge Areas: • Project Integration Management. • Project Scope Management. • Project Time Management. • Project Cost Management. • Project Quality Management. • Project Human Resource Management. • Project Communications Management. • Project Risk Management. • Project Procurement Management. Process Groups: • Initiating Processes. • Planning Processes. • Executing Processes. • Monitoring & Controlling Processes. • Closing Processes. ============================ Share video: https://youtu.be/KRCQbbjbce0 ============================ What is PMP, PMP Training, PMP Certification, PMP Exam Preparation, Project Management Professional Course.