Project Risk Management

  1. Plan Risk Responses
    1. Response Planning Objectives
      1. Risk Level Reduction
        1. Opportunity Enhancement
          1. Overall Project Risk Management
            1. Stakeholder Acceptance Achievement
            2. Inputs for Response Planning
              1. Risk Management Plan
                1. Risk Register
                  1. Risk Report
                    1. Project Documents
                      1. Enterprise Environmental Factors
                        1. Organizational Process Assets
                        2. Response Strategy Selection Criteria
                          1. Risk Priority and Significance
                            1. Cost-Effectiveness Analysis
                              1. Feasibility Assessment
                                1. Stakeholder Preferences
                                  1. Organizational Capabilities
                                    1. Time Constraints
                                    2. Strategies for Negative Risks (Threats)
                                      1. Escalate
                                        1. Escalation Criteria
                                          1. Escalation Process
                                            1. Authority Level Requirements
                                              1. Escalation Documentation
                                              2. Avoid
                                                1. Risk Elimination Methods
                                                  1. Scope Modification
                                                    1. Approach Changes
                                                      1. Technology Alternatives
                                                      2. Transfer
                                                        1. Risk Shifting Mechanisms
                                                          1. Insurance Options
                                                            1. Contractual Transfer
                                                              1. Outsourcing Considerations
                                                                1. Warranties and Guarantees
                                                                2. Mitigate
                                                                  1. Probability Reduction
                                                                    1. Preventive Actions
                                                                      1. Process Improvements
                                                                        1. Training and Education
                                                                        2. Impact Reduction
                                                                          1. Protective Measures
                                                                            1. Redundancy Planning
                                                                              1. Early Warning Systems
                                                                              2. Combined Mitigation
                                                                                1. Integrated Approaches
                                                                                  1. Multi-Layered Defenses
                                                                                2. Accept
                                                                                  1. Active Acceptance
                                                                                    1. Contingency Reserves
                                                                                      1. Contingency Plans
                                                                                        1. Response Triggers
                                                                                        2. Passive Acceptance
                                                                                          1. No Action Plans
                                                                                            1. Risk Acknowledgment
                                                                                              1. Monitoring Requirements
                                                                                          2. Strategies for Positive Risks (Opportunities)
                                                                                            1. Escalate
                                                                                              1. Organizational Opportunity Leverage
                                                                                                1. Strategic Alignment
                                                                                                  1. Resource Reallocation
                                                                                                  2. Exploit
                                                                                                    1. Opportunity Realization Assurance
                                                                                                      1. Resource Allocation
                                                                                                        1. Process Optimization
                                                                                                          1. Capability Enhancement
                                                                                                          2. Share
                                                                                                            1. Partnership Arrangements
                                                                                                              1. Joint Ventures
                                                                                                                1. Risk-Reward Sharing
                                                                                                                  1. Third-Party Collaboration
                                                                                                                  2. Enhance
                                                                                                                    1. Probability Increase Methods
                                                                                                                      1. Impact Amplification
                                                                                                                        1. Catalyst Identification
                                                                                                                          1. Success Factor Optimization
                                                                                                                          2. Accept
                                                                                                                            1. Passive Opportunity Acceptance
                                                                                                                              1. Active Opportunity Monitoring
                                                                                                                                1. Benefit Capture Preparation
                                                                                                                              2. Contingent Response Strategies
                                                                                                                                1. Trigger Event Identification
                                                                                                                                  1. Warning Indicators
                                                                                                                                    1. Threshold Definitions
                                                                                                                                      1. Monitoring Mechanisms
                                                                                                                                      2. Fallback Plans
                                                                                                                                        1. Alternative Response Options
                                                                                                                                          1. Secondary Strategies
                                                                                                                                            1. Emergency Procedures
                                                                                                                                            2. Contingency Planning
                                                                                                                                              1. Response Preparation
                                                                                                                                                1. Resource Reservation
                                                                                                                                                  1. Implementation Readiness
                                                                                                                                                2. Response Strategy Combinations
                                                                                                                                                  1. Multiple Strategy Application
                                                                                                                                                    1. Primary and Secondary Responses
                                                                                                                                                      1. Layered Defense Approaches
                                                                                                                                                        1. Integrated Response Plans
                                                                                                                                                        2. Response Development Process
                                                                                                                                                          1. Strategy Brainstorming
                                                                                                                                                            1. Option Evaluation
                                                                                                                                                              1. Cost-Benefit Analysis
                                                                                                                                                                1. Feasibility Assessment
                                                                                                                                                                  1. Stakeholder Input
                                                                                                                                                                    1. Final Strategy Selection
                                                                                                                                                                    2. Risk Owner Assignment
                                                                                                                                                                      1. Ownership Criteria
                                                                                                                                                                        1. Responsibility Definition
                                                                                                                                                                          1. Authority Delegation
                                                                                                                                                                            1. Accountability Establishment
                                                                                                                                                                              1. Communication Requirements
                                                                                                                                                                              2. Response Implementation Planning
                                                                                                                                                                                1. Action Plan Development
                                                                                                                                                                                  1. Resource Requirements
                                                                                                                                                                                    1. Timeline Establishment
                                                                                                                                                                                      1. Success Criteria Definition
                                                                                                                                                                                        1. Monitoring Mechanisms
                                                                                                                                                                                        2. Secondary and Residual Risks
                                                                                                                                                                                          1. Secondary Risk Identification
                                                                                                                                                                                            1. Response-Generated Risks
                                                                                                                                                                                              1. Unintended Consequences
                                                                                                                                                                                                1. New Risk Sources
                                                                                                                                                                                                2. Residual Risk Assessment
                                                                                                                                                                                                  1. Remaining Risk Levels
                                                                                                                                                                                                    1. Acceptable Risk Determination
                                                                                                                                                                                                      1. Additional Response Needs
                                                                                                                                                                                                      2. Risk Response Risk Management
                                                                                                                                                                                                        1. Secondary Risk Responses
                                                                                                                                                                                                          1. Integrated Risk Planning
                                                                                                                                                                                                        2. Response Cost-Benefit Analysis
                                                                                                                                                                                                          1. Response Cost Estimation
                                                                                                                                                                                                            1. Benefit Quantification
                                                                                                                                                                                                              1. Return on Investment
                                                                                                                                                                                                                1. Value Engineering
                                                                                                                                                                                                                2. Outputs of Response Planning
                                                                                                                                                                                                                  1. Risk Register Updates
                                                                                                                                                                                                                    1. Selected Risk Responses
                                                                                                                                                                                                                      1. Risk Owners
                                                                                                                                                                                                                        1. Response Actions
                                                                                                                                                                                                                          1. Implementation Timeline
                                                                                                                                                                                                                            1. Secondary and Residual Risks
                                                                                                                                                                                                                            2. Risk Report Updates
                                                                                                                                                                                                                              1. Response Strategy Summary
                                                                                                                                                                                                                                1. Resource Requirements
                                                                                                                                                                                                                                2. Project Management Plan Updates
                                                                                                                                                                                                                                  1. Schedule Updates
                                                                                                                                                                                                                                    1. Cost Updates
                                                                                                                                                                                                                                      1. Resource Updates
                                                                                                                                                                                                                                        1. Procurement Updates
                                                                                                                                                                                                                                        2. Project Documents Updates
                                                                                                                                                                                                                                          1. Assumption Log Updates
                                                                                                                                                                                                                                            1. Lessons Learned Register Updates
                                                                                                                                                                                                                                              1. Team Assignments Updates

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                                                                                                                                                                                                                                          6. Perform Quantitative Risk Analysis

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                                                                                                                                                                                                                                          8. Implement Risk Responses