3. Invoke selected risk-handling options when monitored risks exceed
the defined thresholds.
Quite often, risk handling is only performed for those risks judged to be “high” and
“medium.” The risk-handling strategy for a given risk may include techniques and
methods to avoid, reduce, and control the likelihood of the risk or the extent of
damage incurred should the risk (anticipated event or situation) occur or both. In
this context, risk handling includes both risk mitigation plans and contingency
plans.
Risk-handling techniques are developed to avoid, reduce, and control adverse
impact to project objectives and to bring about acceptable outcomes in light of
probable impacts. Actions generated to handle a risk require proper resource
loading and scheduling within plans and baseline schedules. This replanning
effort needs to closely consider the effects on adjacent or dependent work
initiatives or activities.
Refer to the Project Monitoring and Control process area for more
information about revising the project plan.