Risk response is the
attitude or action that an organization or project can take to manage risk. For
each identified risk, a response must be identified. It is the responsibility
of the project team to select a risk response for each risk. The possible response
options are:
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Avoidance:
Change the project to avoid the risk. Change scope, objectives, etc.
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Transference:
Shift the impact of a risk to a third party (like a subcontractor). It does not
eliminate it, it simply shifts responsibility.
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Mitigation:
Take steps to reduce the probability and/or impact of a risk. Taking early
action, close monitoring, more testing, etc.
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Acceptance:
Simply accept that this is a risk. In this case, the development team does not take
any actions and will accept the cost, schedule, scope, and quality impacts if
the risk event occurs.
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Deferred: A
determination of how to address this risk will be addressed at a later time.
The results of the risk assessment process are documented in each Risk
Statement and summarized in the Risk Register which will be reported on a
monthly basis.
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