PMP Prep: Plan Risk Responses Strategies
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The document discusses strategies for managing risks on projects, including avoiding, mitigating, transferring, and accepting negative risks, and exploiting, enhancing, and sharing positive risks. It provides examples of applying different risk response strategies like avoiding a construction project that would pass through disputed land. The presentation also solicits examples of how to address risks like how to collaborate on a shared software authentication component between two teams.
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PMP Prep: Plan Risk Responses Strategies
- 1. Plan Risk Responses– PMP® Prep Topic Saket Bansal PMP is a registered trademark of the Project Management Institute, Inc. © 2013 iZenBridge | CONFIDENTIAL
- 2. © 2013 iZenBridge | CONFIDENTIAL
- 3. Agenda Introduction Strategies for Negative Risks Strategies for Positive Risks Q & As © 2013 iZenBridge | CONFIDENTIAL
- 4. © 2013 iZenBridge | CONFIDENTIAL
- 5. • Roy is the Project Manager of a highway construction project. During a risk review meeting, Roy realizes that risk of vendor defaulting from commitment has occurred. To take appropriate action against this risk , Roy needs to refer to which document? A. Risk Management Plan B. Project Management Plan C. Issue Log D. Risk Register © 2013 iZenBridge | CONFIDENTIAL
- 6. Plan Risk Responses Plan Risk Responses is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives. - PMBOK® Guide Fifth Edition © 2013 iZenBridge | CONFIDENTIAL
- 7. • When the risk responses are planned ? A. After developing risk management plan B. After documenting risks in risk Register C. After performing risk analysis D. After the occurance of risk © 2013 iZenBridge | CONFIDENTIAL
- 8. Plan Risk Management Identify Risks Analysis ? Project Documents Plan Risk Responses Develop Project Management Plan © 2013 iZenBridge | CONFIDENTIAL
- 9. Strategies for Negative Risks © 2013 iZenBridge | CONFIDENTIAL
- 10. Avoid Removes Change Plan Mitigate Reduces Upfront work Transfer Redirect Pay Premium Accept Residual Contingencies Negative Risks © 2013 iZenBridge | CONFIDENTIAL
- 11. Which response strategy to apply ? High Avoid Low Criticality Level Mitigate Transfer © 2013 iZenBridge | CONFIDENTIAL Accept
- 12. • You are working on road construction project and you realized the proposed road is passing though the disputed land and because of this dispute you have risk of not getting approval from authorities on time, you discussed this problem with your stakeholders and made them agreed to change the path of road in such a way that this area is now not covered in your project scope. Which risk response strategy is applied here? A. Avoid B. Accept C. Mitigate D. Exploit © 2013 iZenBridge | CONFIDENTIAL
- 13. Smoking can cause cancer. Plan some risk response strategies... avoid, mitigate , transfer and accept ? © 2013 iZenBridge | CONFIDENTIAL
- 14. Strategies for Positive Risks © 2013 iZenBridge | CONFIDENTIAL
- 15. © 2013 iZenBridge | CONFIDENTIAL
- 16. Exploit Reality Change Plan Enhance Increase Upfront work Share Involve Share Cost Accept Residual Contingencies Positive Risks © 2013 iZenBridge | CONFIDENTIAL
- 17. • You are working on one software development project and you application needs component for user authentication management, you realized that another team is also working on project which also needs the same component. How can you exploit , enhance or share this risk? © 2013 iZenBridge | CONFIDENTIAL
- 18. Stay Connected Contact Us Saket.Bansal@iZenBridge.com www.iZenBridge.com PMP® / PMI-ACP® Discussion Forum Youtube Channel www.youtube.com/izenbridge forum.izenbridge.com © 2013 iZenBridge | CONFIDENTIAL