Risk responses are the defining actions taken during the course of the project that seek to accept, avoid, mitigate, transfer or defer the identified risk. The implementation of risk response plans should ultimately lead to the optimization of the projects success. Which aspects or areas of a project plan are more likely to be affected by risk responses? How do risk responses affect the different areas of a project plan? The aspects of a project most susceptible to risk responses include: 1)
The project budget – risk responses fall under the contingency plan which requires funds to implement. This all happens at an extra cost to the overall project (though it can be argued that one stands to lose more by not having such a plan in place).
Though some risks can be anticipated and factored into the budget, it is also very likely to encounter unforeseen ones which had not been considered and which would still need to be controlled to ensure the project success.
The cost of the human resources used to carry out the response plan also has to be considered and covered.
Under the project budget, the procurement plan set in place will also be affected as resources (human and material) which need to be secured will need to re revaluated and a new plan set up.
The Project timeline – the response plan to be taken has to be carried out through a particular duration. In cases of corrective measures, it is difficult to carry out the response plan with the other tasks simultaneously. The response plan will most likely have to be carried out first followed by the succeeding task. In such a case, we are confronted with a situation whereby a necessary task which had not been factored in terms of time has to be completed before we can proceed to complete the project.
The Project Scope - the inclusion of risk responses to the project’s scope or the Work Breakdown Structure leads to addition, deleting and rearranging of the project’s task order.
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