Plan risk response processes for project objectives, and formulate plans and measures to improve opportunities and reduce threats. It is implemented after the qualitative and quantitative risk analysis process.
Input
- Risk Register: Includes identified risks, root causes of risks, list of potential countermeasures, risk owner, warning signals, relative project risk rating or priority list, etc.
- Risk management plan: Includes roles and responsibilities, risk analysis definitions, review schedules, and risk thresholds for low, medium, and high risks.
Tools and technologies:
- Coping Strategies for negative risks or threats: avoidance, transfer, mitigation, and acceptance
- Strategies for coping with positive risks or opportunities: development, sharing, improvement, and acceptance
- Emergency targeting strategy: for specific events
- Expert judgment
Output:
- Risk Register (updated)
- Risk-related contractual strategies: Making transfer risk decisions, such as using insurance agreements, service agreements, and other agreements
- Project Management Plan (update): Progress Management Plan, cost management plan, Quality Management Plan, Procurement Management Plan, human resources management plan, work breakdown structure, progress benchmark and Cost Performance Benchmark
- Project files (updates): including conditional log updates and Technical File Updates
