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11 - PROJECT RISK MANAGEMENT

Risk leverage factors for identified risks can be used to prioritize the application of limited risk treatment funds.
Higher values of RLF indicate higher cost-return benefits.

11.5.3 Plan Risk Responses: Outputs

The outputs for planning risk responses in Section 11.5.3 of the PMBOK Guide are applicable for software
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projects with the additional considerations in Section 11.5.3.3 of this Software Extension.

11.5.3.1 Project Management Plan Updates

See Section 11.5.3.1 of the PMBOK Guide.
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11.5.3.2 Project Documents Updates

See Section 11.5.3.2 of the PMBOK Guide.
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11.5.3.3 Additional Considerations

The following considerations also apply. Aside from acceptance and immediate response for quickly remedied
risks, risk responses to avoid, transfer, or mitigate risk may require detailed planning to execute. The summary of
risks maintained in the risk register should include the specific risk treatment planned, the monitoring schedule,
threshold values that will trigger a risk response, who is responsible, affected stakeholders, cost and schedule for
the risk treatment, and measures to evaluate the progress and effectiveness of the risk treatment. The impact of
the risk treatment should also be noted; the risk treatment may itself introduce secondary risks, safety concerns,
or environmental impacts.

Table 11-4 contains typical risk responses used to avoid, mitigate, or transfer risk for software projects. No
special approaches need to be stated for accepting risk; often the risk is accepted until a more cost-effective way
to mitigate or transfer the risk is identified.

208 ©2013 Project Management Institute. Software Extension to the PMBOK Guide Fifth Edition
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