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Chapter-7 Managing Risk Risk Management Process Step 3: Risk Response Development Retaining or Accepting Risk is to accept the risk if it occurs
Acceptance – absorb the risk and build contingency plan, and adjust the budget and/or schedule accordingly 4 Monitoring – what is occurring in terms of risk?
Risk mitigation is a multistep process that identifies and assesses the impact of risks in order to develop a comprehensive mitigation plan that recommends ways
accept project risks Response planning must take into consideration available resources and potential repercussions of the response plans The goal of
In Project Management terms, A potential event that may have a detrimental affect on time, Risk Acceptance is making an informed decision to accept the
Possible approaches to risk reduction and risk management: ? Utility – Measure risk reduction against cost • Use resources as e iciently as possible for
PRAM is designed to identify and assess risks that threaten the achievement of project objectives and to take action to avoid, reduce or even accept those risks
ODOT's Project Risk Management Program would like to acknowledge and If the risk response strategy for a risk is to accept it (take the risk), it should