Positive Risk Response
Positive Risk Response is determining what actions the project will take to address risk opportunities.
When to use Positive Risk Response
Once the risk analysis is complete (both qualitative and quantitative) risk response is prepared for appropriate risks. Early in the project, there are often risk opportunities available to the project team. As the project progresses, many times the negative cost and schedule impact of making the change is greater than the positive benefit. Therefore positive risk opportunities must be sought early in the project.
Whenever a risk changes priority, the risk response should be reassessed.
If a risk response has been implemented in the project plan, but it is later determined to be insufficient to accommodate the risk, additional risk response should be created.
There are four approaches to Positive Risk Response. The characteristics of the organization and unique features of the project will determine which approach to use.
Change the project plan so that the risk will happen. In this case the focus is on the likelihood aspect of the opportunity. By changing the project plan the opportunity is no longer uncertain but becomes certain. Some opportunities will always remain uncertain, but many can be built into the project.
This approach to an opportunity is to increase the likelihood the impact or both. This is often done by changing the resources or timing of an activity.
This is often structured as a joint venture or some other type of risk sharing partnership. The organization that you are “sharing” with will enhance or enable the opportunity.
If you do not select one of the other approaches, you are selecting accept. This approach is appropriate for very small or unlikely risks.
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