Project Risk Management: Essential Methods for Project Teams and Decision Makers

CHAPTER SIX

Response Implementation and Monitoring

Questions Addressed in Chapter 6

• Where does the rubber meet the road in risk management?
• Why should addressing actions become part of project team work plans?
• Why is assessment after addressing (to-be) more important than assessment as-is?
• Do we keep our promise to successfully implement all approved addressing actions?
• When should uncertainties be closed or accepted?
• What is the role of bias?

EVEN THOUGH THIS CHAPTER is short, it is one of the most important chapters of this book. Response implementation is where the rubber meets the road in risk management. The rest is theory or auxiliary steps and methods. Only development of project reserves using probabilistic methods is equally important because that is about time and hard currency.

MERGING RISK MANAGEMENT WITH TEAM WORK PLANS

Three-dimensional integration of risk management (Figure 2.1) implies that any specialist at any level of the organization may become a risk or action owner upon approval by management (Table 2.1). The most sensitive challenge here is to ensure that risk or action ownership does not conflict with his or her direct responsibilities. Working on a risk or an action should become part of everyday activities and fully aligned with them. That is easier ...