Implement Risk Mitigation Plans
Monitor the status of each risk periodically and implement the risk
mitigation plan as appropriate.
To effectively control and manage risks during the work effort, follow a
proactive program to regularly monitor risks and the status and results
of risk-handling actions. The risk management strategy defines the
intervals at which the risk status should be revisited. This activity may
result in the discovery of new risks or new risk-handling options that
may require re-planning and reassessment. In either event, the
acceptability thresholds associated with the risk should be compared
against the status to determine the need for implementing a risk
mitigation plan.
- Monitor risk status. After a risk mitigation plan is initiated, the risk is still monitored. Thresholds are
assessed to check for the potential execution of a contingency plan. A periodic mechanism for monitoring should be employed.
- Provide a method for tracking open risk-handling action items to
closure.
- Invoke selected risk-handling options when monitored risks exceed
the defined thresholds. Quite often, risk handling is only performed for those risks judged to be “high” and
“medium.” The risk-handling strategy for a given risk may include techniques and
methods to avoid, reduce, and control the likelihood of the risk or the extent of
damage incurred should the risk (anticipated event or situation) occur or both. In
this context, risk handling includes both risk mitigation plans and contingency
plans.
Risk-handling techniques are developed to avoid, reduce, and control adverse
impact to project objectives and to bring about acceptable outcomes in light of
probable impacts. Actions generated to handle a risk require proper resource
loading and scheduling within plans and baseline schedules. This re-planning
effort needs to closely consider the effects on adjacent or dependent work
initiatives or activities.
- Establish a schedule or period of performance for each riskhandling
activity that includes the start date and anticipated
completion date.
- Provide continued commitment of resources for each plan to allow
successful execution of the risk-handling activities.
- Collect performance measures on the risk-handling activities.