What is the purpose of a Risk Response Plan in the context of project risk management?
To define specific actions for addressing individual project risks and the overall project risk, including strategies, budgeting, and contingency plans.
To calculate the expected monetary value of risks and determine the quantitative risk analysis.
To document stakeholders' risk appetite and assign risk ownership for identified risks.
To create a comprehensive schedule for regular risk audits and reassessment throughout the project.
A Risk Response Plan is developed to determine the actions that will be taken to address individual project risks, as well as the overall project risk. It includes outlining specific strategies and assigning them to responsible individuals, establishing budgets for risk response, and detailing contingency and fallback plans. Proper risk response planning is necessary to minimize the impact of negative risks (threats) and to maximize the realization of positive risks (opportunities).
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