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11 - PROJECT RISK MANAGEMENT

• Risk owners and assigned responsibilities;
• Agreed-upon response strategies;

• Specific actions to implement the chosen response strategy;
• Trigger conditions, symptoms, and warning signs of a risk occurrence;

• Budget and schedule activities required to implement the chosen responses;
• Contingency plans and triggers that call for their execution;

• Fallback plans for use as a reaction to a risk that has occurred and the primary response proves to be
inadequate;

• Residual risks that are expected to remain after planned responses have been taken, as well as those that
have been deliberately accepted;
• Secondary risks that arise as a direct outcome of implementing a risk response; and
• Contingency reserves that are calculated based on the quantitative risk analysis of the project and the
organization’s risk thresholds.

Other project documents updated could include:

• Assumptions log updates. As new information becomes available through the application of risk
responses, assumptions could change. The assumptions log needs to be revisited to accommodate this
new information.
• technical documentation updates. As new information becomes available through the application
of risk responses, technical approaches and physical deliverables may change. Any supporting
documentation needs to be revisited to accommodate this new information.
• change requests. Planning for possible risk responses can often result in recommendations for changes
to the resources, activities, cost estimates, and other items identified during other planning processes.
When such recommendations are identified, change requests are generated and processed through the
Perform Integrated Change Control process.

348 ©2013 Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOK Guide) – Fifth Edition
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