Addresses the risks by their priority, inserting resources and activities into the budget, schedule and project management plan as needed.
Developing options an d actions to enhance opportunities and to reduce threats to project objectives.
The Plan Risk Responses process follows the Perform Quantitative Risk Analysis process (if used). Each risk response requires an understanding of the mechanism by which it will address the risk. This is the mechanism used to analyze if the risk response plan is having the desired effect. It includes the identification and assignment of one person (an owner for risk response) to take responsibility for each agreed-to and funded risk response. Risk responses should be appropriate for the significance of the risk, cost-effective in meeting the challenge, realistic within the project context, agreed upon by all parties involved, and owned by a responsible person. Selecting the optimum risk response from several options is often required.
The Plan Risk Responses process presents commonly used approaches to planning responses to the risks. Risks include threats and opportunities that can affect project success, and responses are discussed for each.