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Risk Resolution in Software Project Management

 

This is the last section of the risk management plan details the actions or steps to be taken when a risk is identified. Thus it is also called a risk action plan. For risk resolution, review the risk items with high rankings and determine if the significant risks will be accepted, transferred, or mitigated.

With the acceptance approach, no effort is made to avoid the risk item. This approach is usually employed because the risk items are the result of external factors over which you have no direct control. You can plan contingencies in case the risk does occur. Thus, the project team has a backup plan to minimize the effects of the risk event.

With the transfer approach, the objective is to reduce risk by transferring it to another entity that can better bear it. Two methods of transferring risk are the use of insurance and the alignment of responsibility and authority. With the mitigation approach, the emphasis is on actually avoiding, preventing, or reducing the risk. Some risks can be avoided by reducing the number of requirements or defining them more completely.

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