ABSTRACT
This chapter explains how to choose the right course of action for each individual risk, and for the level of overall project risk exposure. The purpose of risk response planning is to identify appropriate ways to address individual threats and opportunities, as well as ways to manage overall project risk. Having selected the appropriate strategy, attention can then be given to development of tactical actions which aim to realise the strategy. This creates focus in risk response planning, and avoids the “scatter-gun” approach, in which a number of alternative actions may be considered, some of which may negate the effect of others. Although the appropriate response for most risks will lie somewhere between panic and passivity, it’s vital to get the level of response right, so that major threats or opportunities are not ignored while the project wastes valuable time and resources on tackling minor ones.
