Mitigation plan, Fallback Plan, Contingency Plan and Workaround Mitigation plan In risk mitigation, action is taken to reduce the probability of occurrence and/or impact of a threat. PMBOK 6 is used for the risk with high probability and impact and therefore place in action to minimize the impact. Risk mitigation revolves around reducing the impact […]
Contingency Reserves VS Management Reserves Reserves is a buffer in terms of Schedule or Cost while estimating is added to the estimated schedule and cost to account for risks or uncertainties both for known and unknown risks Padding is unwelcomed practice as it adds unplanned values or reserve over the output of estimations As explained in […]
Passive Acceptance of Risk and Active Acceptance of Risk These are two different risk response strategies to deal with the risks on the project. The idea behind good risk response strategies is to provide the team with various options and identify the actions that could reduce or eliminate threats to project objectives. Risk management team […]
Known Risks and Unknown Risk The risk is future uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. [PMBOK6] The risk is the effect of uncertainty on objectives, and an effect is a positive or negative deviation from what is expected. [ISO31000] Project risk […]
Negative Risk (threat) and Positive Risk (opportunity) The risk is a future uncertain event which may have positive or negative impact on the Project. PMBOK 6 Risk like changes is unavoidable and integral part of project life. We don’t want to be caught off guard in the event of the risk happening. Thinking methodically about […]