Join Bob McGannon for an in-depth discussion in this video Determining the appropriate response, part of Project Management Foundations: Risk.
The average project manager considers responses…to each high priority risk.…Better project managers look at each of their risks,…and consider all four types of risk response:…avoidance, transference, mitigation, and acceptance.…The best project managers further define…their response strategy by considering…three other factors in choosing…the appropriate response strategy.…The first consideration is the tradeoff…between your triple constraints…of time, scope, and cost.…
As the quote goes, "You can spend money to save money."…But that is not always the best approach.…For example, if time is your number one driver,…you may use cost to get around the time constraints.…This could involve using additional resources…to make sure activities are done on time.…Or you could reduce the scope or functionality…of your products, to make sure…you deliver your project in the desired time frame.…If scope is the number one priority,…you may have to incur additional costs,…or consider adding time to your schedule.…
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- Incorporating risk management into your project
- Identifying risk
- Categorizing risks
- Performing qualitative and quantitative risk analysis
- Building a risk-response plan
- Deciding when to execute a risk-response plan<br><br>
- The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.