A contingency plan is an alternative plan that will be used if a possible foreseen risk event becomes a reality. The contingency plan represents actions that will reduce or mitigate the negative impact of the risk event. A key distinction between a risk response and a contingency plan is that a response is part of…
Tag: Risk Management
Risk Management Framework: Risk Control Response
Typically the results of the first three steps (Risk Identification, Risk Assessment, Risk Response Development) of the risk management process are summarized in a formal document often called the risk register. A risk register details all identified risks, including descriptions, category, and probability of occurring, impact, responses, contingency owners and current status. The register is…
Risk Management Framework: Risk Response Development
When a risk event is identified and assessed, a decision must be made concerning which response is appropriate for the specific event.This will be the third process inside an effective risk management framework and you need to take notice if it’s importance and impact on the project. Responses to risk can be classified as mitigating,…