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Activity:
Mitigate a Risk
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Participating Roles
Responsible:
Project Manager |
To mitigate a risk, take steps to reduce the probability or impact of the risk. Proactive risk management is more effective than reactive risk management. To make proactive risk management cost-effective, the highest risk issues are addressed first, up to the point where the cost of addressing the risk is deemed to outweigh the possible impact.
Entry Criteria
Dependencies:
- A risk poses an immediate threat or results in adverse consequences to the project.
Sub-Activities
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1 |
Reduce Probability |
- Propose feasible means to reduce the probability of the adverse event.
- Assess the cost of development and ownership of each proposal against the risk exposure. Estimate the probability and potential impact.
- Decide if there is a cost-effective method or combination of means available to reduce the probability.
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2 |
Reduce Impact |
- If the risk exposure is still too high to accept, propose feasible approaches to reduce the impact of the adverse event.
- Assess the cost of development and cost of ownership of each proposal against the remaining risk exposure.
- Decide if there is a cost-effective method or combination of means available to reduce the probability.
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3 |
Make Contingency Plans |
- If the remaining risk exposure is still too high to accept, examine, all assumptions and quality of service requirements, especially those that involve deployment environment, availability, and accessibility.
- If no changes can be made to the original context, develop action plans for users and support staff to handle adverse events in the best and most cost effective way.
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4 |
Apply Decisions |
- Implement the selected approach to reduce the probability of occurrence and impact.
- Close the risk work item.
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Exit Criteria
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The risks that pose the greatest threat to the success of the project have been mitigated. | |
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Overview 