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Tuesday, March 5, 2013

Introduction to the Tools & Techniques used in Plan Risk Responses Process


In the past couple of chapters, we have taken a high level look at the plan risk responses process as well as the inputs used in the process. So, the next logical step, as in any process is, to apply some tools and techniques on the input data in order to generate an output. The output in this case would be the “Risk Responses” which we are going to use for each of the risks that have been identified so far.

Let me start off by saying that, this is just an introductory chapter on the tools and techniques used in the Plan Risk Responses process. Each of these tools and techniques will be covered in detail in the following chapters excluding Expert Judgment because; we already know what Expert Judgment is, don’t we?

The biggest challenge in this process is how to differentiate between the various response strategies given a particular scenario. The PMBOK guide outlines a number of strategies to handle risks and all our discussions in the forthcoming chapters will be based on them.

At the end of the day, our aim is to select the Best Strategy to handle the risk at hand.

Trivia:
In real life, a combination of strategies may be collectively applied to handle a particular risk. We don’t always choose only one strategy. However, from the exam perspective, we can select only one answer and hence the use of “The Best” strategy from the PMI’s perspective

The following are the tools and techniques we are going to cover in the following chapters:

a. Strategies for Negative Risks or Threats which include:
a. Avoid
b. Transfer
c. Mitigate &
d. Accept
b. Strategies for Positive Risks or Opportunities which include:
a. Exploit
b. Enhance
c. Share
d. Accept
c. Contingent Response Strategies and
d. Expert Judgment

Did you notice that “Accept” is a strategy for both Negative and Positive Risks? If you did not, pause for a moment, go back and read this chapter again.

As mentioned at the start of the chapter, Expert Judgment refers to the expertise of the individuals involved in risk management related decisions and hence we won’t be covering it as a separate chapter. The following chapters will be covering these tools one by one.

Prev: Inputs used by the Plan Risk Responses process

Next: Strategies to Handle Negative Risks

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