Details:

Risk Register: This document contains a list of identified risks along with their attributes such as description, potential causes, potential impacts, risk owner, and initial assessment of probability and impact.

Risk Management Plan: Provides guidance on how qualitative risk analysis will be conducted, including the scales for assessing probability and impact, the criteria for prioritizing risks, and the roles and responsibilities of the project team.

Project Management Plan: Other components of the project management plan, such as scope, schedule, cost, quality, and communication management plans, may provide additional context for planning risk responses.

Project Documents: Various project documents such as the project charter, stakeholder register, scope statement, requirements documentation, and lessons learned from previous projects can provide insights into potential risks.

Enterprise Environmental Factors (EEFs): External factors such as industry standards, market conditions, and organizational culture that can influence risk management planning.

Organizational Process Assets: Lessons learned, historical information, and other organizational knowledge that can help in closing out the project effectively.

Expert Judgment: Input from subject matter experts or stakeholders who provide insights into the closure process, lessons learned, and best practices.

Data Analysis: Analyzing data related to identified risks, such as probability, impact, priority, and potential responses, to identify the most appropriate risk response strategies.

Decision Making: Utilizing decision-making techniques such as decision trees, multi-criteria decision analysis, or risk-response workshops to evaluate and select the most suitable risk response strategies.

Strategies for Negative Risks or Threats:

• Avoidance: Changing project plans to eliminate the threat entirely.
• Mitigation: Reducing the probability or impact of the risk.
• Transference: Shifting the risk to a third party, such as through insurance or outsourcing.
• Acceptance: Accepting the risk without taking further action, either actively (with contingency plans) or passively (with no action).

Strategies for Positive Risks or Opportunities:

• Exploitation: Taking proactive steps to ensure the opportunity occurs and has a maximum impact.
• Enhancement: Increasing the probability or impact of the opportunity.
• Sharing: Partnering with others to share the benefits of the opportunity.
• Acceptance: Accepting the opportunity without taking further action or with minimal action.

Risk Response Plan: The primary output of the Plan Risk Responses process is the Risk Response Plan. This document outlines the specific actions to be taken to address each identified risk, including the selected response strategy, responsible parties, timeline, and budget.

Project Documents Updates: Updates to project documents such as the risk register, stakeholder register, and lessons learned documentation to reflect the planned risk responses and associated actions.

Project Management Plan Updates: Updates to the Risk Management Plan and other relevant components of the project management plan based on the results of qualitative risk analysis.