Risk Response Planning - PMP Study Guide
Risk Response Planning forms a significant part of the Project Risk Management knowledge area, as defined in the PMBOK Guide Seventh Edition.
What is Risk Response Planning?
It involves developing approaches and actions to enhance opportunities and reduce threats to the project’s objectives. It includes identifying and assigning a person to take responsibility for each risk so that each risk's response is effectively managed.
Why is it important?
It plays a crucial role in risk management as it provides a platform to understand, assess, and address the risks which can negatively influence the project.
How it works?
The process includes identifying risk, defining responses, assigning owners and developing risk response action plans.
Exam Tips: Answering Questions on Risk Response Planning
1. Understand the risk before providing a response.
2. If the question describes a certain risk and asks for the appropriate response, match it with the correct risk strategy.
3. Always consider both costs and benefits of risk responses.
4. Understand the difference between 'Risk Tolerance' and 'Risk Threshold'.
5. Be aware that Risk responses should be agreed upon by relevant stakeholders.
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Risk Response Planning practice test
Risk Response Planning involves developing strategies to address the most critical risks in a project. This step entails determining the best approach to minimize negative risks (threats) and leverage positive risks (opportunities). There are four main response strategies for negative risks: avoid, transfer, mitigate, and accept. In contrast, there are four strategies for positive risks: exploit, enhance, share, and accept. Each strategy should be evaluated based on effectiveness, cost-efficiency, and alignment with the project's objectives. Once strategies are selected, corresponding actions are developed and integrated into the project's schedule, budget, and scope.
Time: 5 minutes Questions: 5
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Project Management Professional Preparation Package (2024)
- Earn 35 PDUs needed for your PMP certification
- 10107 Superior-grade Project Management Professional practice questions.
- Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
- Unlock Effortless PMP preparation: 5 full exams.
- 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
- bonus: If you upgrade now you get upgraded access to all courses