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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