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Risk Mitigation and Response Planning

In: Project Risk Analysis Made Ridiculously Simple

Author

Listed:
  • Lev Virine
  • Michael Trumper

Abstract

The main purpose of risk analysis is to decide what to do about your risks. Unfortunately, often people properly identify risks, but do not pay very much attention to risk planning because of optimism bias or wishful thinking. Risks can be avoided, accepted, transferred to another party or mitigated. If you decide to avoid or transfer a risk, then you can close them on your risk register. If a risk is accepted, that is, you will not perform any prior actions to minimize it occurring, then a response plan may be put in place in case the risk does occur. If you choose to mitigate a risk, then this indicates you will put in place activities that will reduce the probability or impact of the risk occurring. In this chapter, we will learn a few basic concepts of risk mitigation and response planning, such as mitigating risks in stages, using a risk matrix to depict mitigation plans and storing all plans in a risk mitigation and response registry.

Suggested Citation

  • Lev Virine & Michael Trumper, 2017. "Risk Mitigation and Response Planning," World Scientific Book Chapters, in: Project Risk Analysis Made Ridiculously Simple, chapter 4, pages 49-63, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814759380_0004
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    More about this item

    Keywords

    Project Management; Risk Management; Risk Analysis;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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