How to Put Together an Effective and Flexible Risk Response Strategy

How to Put Together an Effective and Flexible Risk Response Strategy

Creating a comprehensive risk response strategy during the planning phase of a project is essential. The first step is identifying risks through the joint brainstorming of the project team, stakeholders, and the PM. The next step involves analyzing and ranking risks based on their likelihood and impact on the project. The risk response process involves five strategies laid out in the PMBOK, including Escalate, Mitigate, Transfer, Avoid, and Accept. It is important to keep a risk register document that can be altered as the project progresses.

View

More Innovation Resources:

The Empathy Economy

Open innovation and the empathic civilization promote mutual understanding to create a more collaborative economy.

View

Understanding innovation through innovation quotes

An Idea Challenge on a platform called Innovation Cloud was organized to create a database of innovation quotes. The quotes were then analyzed to gain a deeper understanding of the innovation process.

View

The Baldrige Framework: In Pursuit of Excellence

The Baldrige Excellence Framework provides a management system to help organizations improve their effectiveness and achieve sustaining results. It is intentionally non-prescriptive and focuses on knowing the critical aspects of managing and performing as an organization.

View