Project risk is an event if occurs can have a positive or negative impact on the project. We have discussed about the
Today we will cover one of the important risk response strategy and that is
What is Mitigate when we deal with Risk Response Strategy?
Again i am repeating the same word as Risk Strategy should be in line with Organizatiprojecton risk policy. The project team decides to take the Mitigation as risk response means the chance for occurrence of the risk is not eliminated rather some mitigation plan is considered so that the risk quantification becomes under control or in different word within the organization’s risk taking capabilities or Risk Appetites.
The risk will still be monitored and will be part of the Risk Register but impact will be less.
Let’s take an quick example.
At certain phase of the project it is observed that the project cannot be delivered within the schedule and that will have an impact on the customer relationship. The decision was taken to add the required number of resources to meet the deadline.
This has been one of the risk response -mitigation and budget was consumed from the project risk budget assigned by the management.