Tuesday, October 22, 2019

Book Excerpt from "I Want To Be A RMP", 2nd Edition - Risk Response Implementation



This article is an excerpt from the Book - I Want To Be A RMP, 2nd Edition
It is from Chapter – 10: Risk Response Implementation. 

For the partial index of the book, refer the above link for the book.

To know what is NEW in this book's 2nd edition, refer:
What's New - I Want To Be A RMP Book, Second Edition

For overall details of the book, refer:
https://www.managementyogi.com/p/books.html



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Risk Response Implementation


In this process of “Implement Risk Responses”, we actually implement or execute the response plans that we created in “Plan Risk Responses”. This process is newly added into the PMBOK Guide, 6th edition and also available in the newly launched “The Standard for Risk Management in Portfolios, Programs, and Projects”.

In the earlier edition of the PMBOK guide and the current edition of “Practice Standard for Project Risk Management”, this process is not there. Also, in the earlier editions of both the guide and standard, implementation of risk responses were happening in the monitoring and controlling process group, i.e., in “Monitor Risks” process. 

So, be very clear from the beginning. The implementation of risk response plans happens ONLY in “Implement Risk Responses” process. In this chapter, we will discuss this process in detail. 

10.1 ‘Implement Risk Responses’ Process – What Happens?

As per PMBOK Guide 6th Edition, “Implement Risk Responses is the process of implementing agreed-upon risk response plans.”

As simple as that! In this process, we are executing the response plans in order to:
  • Address overall project risk exposure,
  • Minimize individual project threats, and
  • Maximize individual project opportunities.

Now, you would be wondering: Isn’t that what we do in “Plan Risk Responses” process? Yes! But, that’s from planning perspective. Here, it’s from the execution or implementation perspective. In this process, we are ensuring the planned responses are carried out in a timely manner. The process of “Implement Risk Responses” is performed throughout the life cycle of the project.



Here we need both the Risk Register and Risk Reports as inputs, because the risk response plans for individual project risks and overall project risk are documented in these two project documents. 

The overall flow diagram for this process – “Implement Risk Responses” - is shown below. The main process of “Implement Risk Responses” is highlighted in red in the flow diagram. 



As shown above, the updated Risk Register and Risk Report both act as inputs to this process, along with the RMP. The RMP is acting as an input because roles and responsibilities of stakeholders/project team members related to risk management is documented in the plan.



The register and report are also updated in the output, because you might want to change some of the risk responses, which you previously agreed-upon in “Plan Risk Responses” process. 

One of the common problems faced in Risk Management is this: risks are identified, then analyzed, response plans are developed and documented in the register and report. But NO action is taken in managing the risks! Hence, this process is significant - because it actually implements the risk responses.

We already know both Risk Owners and Risk Action Owners are briefed about their responsibilities in the earlier process. In fact, in "Plan Risk Responses", we actually have risk action owners being assigned. Now, in this process:
  • The risk owner must give the needed effort to implement the responses and manage them proactively.
  • The risk owners and risk action owners should be briefed, if there are any changes affecting their respective responsibilities.
  • Actions related to risk responses are delegated by the risk owner to the risk action owner.
  • The risk action owner updates the status of response actions to the risk owner.
  • Effective communication should be maintained between risk owners and other managers at higher levels, e.g., project/program/portfolio managers.



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This section on risk response implementation is further explained in the book with: 
  • Implement Risk Responses’ Process - Why do it?
  • Critical Success Factors for Risk Response Implementation.
  • Tools and Techniques used in Implement Risk Responses Process.

It is further followed by detailed explanations on various aspects of Risk Response Implementation as outlined in the Book Index.







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