Risk response plan acoording NRM2
- Risk Acceptance or Risk Retention:
- It is the risk which is accepted and still under control also budget.
- Low Probability and low impact.
- We can deal with this type of risk by reserve at risk or contingency plan. (Not sure)
- We call it at NRM “Employer Residual Risk” or (Risk allowance) at the cost plan
- Risk transfer:
- Pass the risk to another party who is known for better control.
- Done by Subcontracting or Contractual Provisions.
- Used at specialized works and risks with medium severity.
- Example:
- Risk Mitigation or Risk Reduction:
- Risks Which we can reduce its impacts or probability to occurs. (Chance to reduce)
- The risk after transferred should be at acceptable threshold.
- Risk Avoidance:
- Change Management plan.
- Decrease the scope of the project.
- Extend the project Schedule.
- Reappraisal the study of the project.
- Usually for high probability and high impacts.
- Risk Sharing:
- Occurs when we failed to transfer the risk, then he will share the risk with other party.” Sharing ratio”.
- Increase the opportunity of the positive risks by increase the impact or probability.
Do any thing to ensure that the opportunity of the positive risks will happen 100% by increase the impact or probability
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