上游充通大粤 SHANGHAI JLAO TONG UNIVERSITY Managing Risk (Cont.) © Risk Response Planning Involves developing an action plan to reduce the impact or likelihood of each risk,establishing a trigger point for when to implement the actions to address each risk,and assigning responsibility to specific individuals for implementing each response plan. Can to be avoid the risk,mitigate the risk,or accept the risk. A contingency plan is a predefined set of actions that would be implemented if the risk event occurs.Expenses of implementing a contingency plan should be included in project prices and budgets.Risk Response Planning • Involves developing an action plan to reduce the impact or likelihood of each risk, establishing a trigger point for when to implement the actions to address each risk, and assigning responsibility to specific individuals for implementing each response plan. • Can to be avoid the risk, mitigate the risk, or accept the risk. • A contingency plan is a predefined set of actions that would be implemented if the risk event occurs. Expenses of implementing a contingency plan should be included in project prices and budgets. Managing Risk (Cont.)