Mitigating Project Risks

You will continue to add to the Project Risk Management Plan document you created in Unit 1 and revised in Unit 2. This week, you will update the previous sections based on instructor feedback and complete the Project Risk Response Strategy section.

Update any previous sections as needed based on instructor feedback or a review of the project information.  

Define each of the risk response and implementation strategies for both positive risks (opportunities) and negative risks (threats).

Complete the Project Risk Response and Implementation Strategy section. You will develop a risk response template if you are not using the Project Risk Management template that you downloaded in Unit 1. In this section, you will do the following:

Add the risks you identified in Unit 2, and determine the type of response strategy you will use for each risk.

Discuss the response strategies for each of the identified risks. Describe the specific method of handling each risk.

Strategies for positive risks include accept, enhance, exploit, and share.

Strategies for negative risks include accept, mitigate, avoid, and transfer.

The following matrix is an example of a risk response table:

Risk Risk Response Strategy Description of Risk Response