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Friday, March 22, 2013

Introduction – Outputs of the Plan Risk Responses Process


In the previous section we took a detailed look at the Plan Risk Responses process. We covered the inputs used by the process, the risk response strategies for negative risks and positive risks as well as other techniques used in the process like Contingency Reserves. Once all this is complete, just like any other process, a bunch of outputs are created by this process. Actually speaking this process creates nothing new but, it makes updates to a lot of documents related to our project.

The following are the outputs/updates generate by this process:
a. Updates to the Project Management Plan
b. Updates to the Risk Register
c. Updates to Project Documents and
d. Updates to Risk Related Contract Decisions

We are going to be covering each of these updates in details in the following chapters. For now, let us just take a high level look at the updates that this process causes in the Risk Register. They include:

a. Agreed upon response strategies
b. Risk owners and assigned responsibilities
c. Risk symptoms and warning signs
d. Required budget and scheduled activities to implement the risk responses
e. Contingency plans and triggers
f. Time and cost contingency reserves
g. Fallback plans
h. Residual risks
i. Secondary risks
So, at the end of this process, the risk register now contains:
1. List of Identified Risks including the risk owner, people responsible to implement the response, the response etc
2. A prioritized list of risks
3. Outputs of the qualitative and quantitative analysis

Prev: Important Terms - Plan Risk Responses

Next: Updates to Risk Register

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