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1. Risk transfer and mitigate both are negative risk response strategies. Thetransfer strategy means when you can’t manage risks on your own, you canseek for a third party to assume them. If the risk occurs, they will beresponsible for managing it. For example, if you are worried about damage toyour mailed baggage, you can buy insurance. Once the risk occurs, it will betransferred to the insurance company, and the company will be responsible forit. However, the mitigate strategy means that you seek methods to reduce thelikelihood or impact of a risk, but you need to be responsible for it, which isdifferent from the transfer strategy.2. A project risk management plan is a formal document that describes how riskmanagement will be structured and performed on the project, including rolesand responsibilities. Through the project risk management, the projectmanagement team members will know the purpose of the RMP, the riskmanagement procedures and roles and responsibilities and reporting format.However, The risk register is a tool for recording risks and managing actionsfor each risk. It documents the details about risk identification, risk analysis,risk response plan and risk status. The plan is relatively stable, while theregister should be in a changeable status, it is regularly updated once new risksare identified. 3. The risk owner is the person responsible for monitoring risks and selecting andimplementing appropriate risk response strategies. For each risk, the risk owner will

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Term
Fall
Professor
NoProfessor
Tags
Project Management, Qualitative Research, risk transfer, Negative risk response strategies

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