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The two input items for risk response planning are the risk register and the risk management plan.
Risk register - The risk register contains the results from risk identification, qualitative risk analysis, and quantitative risk analysis. The following elements of the risk register are especially useful for risk response planning:
• List of identified risks
• Root causes of risks
• Prioritized list of risks
• List of risks that need immediate attention
• Trends in analysis results
Risk management plan - The elements of the risk management plan that can be useful for risk response planning include:
• Organizations' and stakeholders' thresholds for low, moderate, and high risks to sort out those risks for which response is needed.
• Roles and responsibilities that specify the positions and functions for each position involved in risk management. These roles are assigned to members of the risk management team, which might include members from inside or outside the project team.
• Timing and a schedule that specifies how often the risk management processes will be performed and which risk management activities will be included in the project schedule.
Because there is a wide spectrum of risks that can occur, there are a multitude of tools and techniques available to plan responses for these risks.
The options to treat/manage a particular risk are:
- Avoid - The risk is avoided by changing the project in someway to bypass the risk.
- Transfer - Some or all of the risk is transferred to a third party for example insurance.
- Reduce - Action is taken to reduce either the likelihood of the risk occurring or the impact that it will have.
- Accept - The risk may be accepted perhaps because there is a low impact or likelihood. A contingency plan will be identified should it occur.
- Contingency - Here a plan is put in place to respond if the risk is realised.
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What are the four domains of the risk management framework?
There are 4 key domains in this Risk Management Framework. They are: 1. Risk Communication 2. Risk Analysis 3. Risk Response Planning & 4. Risk Governance
What is the risk management in PPM management?
Risk is an uncertain event or condition that if occurs, has a positive or negative effect on meeting the project objectives related to components such as schedule (time), cost, scope or Quality How we handle these Risks is Risk Management Risk management includes planning risk management, identifying and analyzing the risks, preparing the response plan, monitoring the risk, and implementing the risk response if the risk occurs.
The risk management model includes risk planning risk identification risk handling and risk monitoring.?
risk planning, risk identification, risk handling, risk monitoring
What is the summary statement for project planning?
Definition, Inputs, Tools, Outputs
What does residual risk mean in the CRM process?
A residual risk is the remains of a risk on which a response has been performed. As part of CRM, you are managing some risk, for which you will have some risk response or strategy. A residual risk is the reminder of the risk that remains after you have implemented a risk response.
What does risk management entail?
Risk management includes planning risk management, identifying and analyzing the risks, preparing the response plan, monitoring the risk, and implementing the risk response if the risk occurs.
What are the four domains of the risk management framework?
There are 4 key domains in this Risk Management Framework. They are: 1. Risk Communication 2. Risk Analysis 3. Risk Response Planning & 4. Risk Governance
What is the risk management in PPM management?
Risk is an uncertain event or condition that if occurs, has a positive or negative effect on meeting the project objectives related to components such as schedule (time), cost, scope or Quality How we handle these Risks is Risk Management Risk management includes planning risk management, identifying and analyzing the risks, preparing the response plan, monitoring the risk, and implementing the risk response if the risk occurs.
What is is planning for the identification classification response and recovery from an incident?
incident response planning
The risk management model includes risk planning risk identification risk handling and risk monitoring.?
risk planning, risk identification, risk handling, risk monitoring
What is the summary statement for project planning?
Definition, Inputs, Tools, Outputs
What does residual risk mean in the CRM process?
A residual risk is the remains of a risk on which a response has been performed. As part of CRM, you are managing some risk, for which you will have some risk response or strategy. A residual risk is the reminder of the risk that remains after you have implemented a risk response.
What two principal inputs does the commander apply to start the planning process?
The commander applies METL and Training Assessment to start the planning process.
What is deliberate planning?
Planning for non-crisis situations and in response to hypothetical situations
Prevention mitigation preparedness response and recovery are all part of the response plan for?
incident response planning
What is the Output of Risk Identification process?
The risk register is a document that contains the output of the risk identification process. The risk register will be constantly updated with a lot of information from other risk management processes. To begin, you store the following information from the risk identification process in the risk register:• List of identified risks - These are the risks that you identified in the risk identification process. These risks should be described in reasonable detail, which may include the following:o The risks - The definition and nature of each risk and the causes that will give rise to the risk.o List of the root causes of the risks - This is a list of events or conditions that might give rise to the identified risks.o Updates to risk categories - Risks categories were originally identified in the risk management planning process. However, in the process of identifying risks, you might discover new categories or modify existing categories. The updated risk categories must be included in the risk register. • List of potential responses - Risk response planning is a separate process that is performed after risk analysis. However, during risk identification, you might identify potential risk responses that you must document in the risk register. These responses can be further examined and planned in the risk response planning process.
What does risk management?
Risk Management encompasses the following:- Risk Identification- Risk Quantification and Analysis- Risk Response and Control
