Response such as missing intermediate milestones or

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response, such as missing intermediate milestones or gaining higher priority with a supplier,should be defiand tracked. Risk responses identifiusing thistechnique are often called contingency plans or fallback plansand include identifitriggeringevents that set the plans in effect.11.5.2.4Expert JudgmentExpert judgment is input from knowledgeable parties pertaining to the actions to be taken on a specificanddefined risk. Expertise may be provided by any group or person with specialized education,knowledge, skill,experience, or training in establishing risk responses.11.5.3Plan risk responses: outputs11.5.3.1Project Management Plan updatesElements of the project management plan that may be updated as a result of carrying out this processinclude,but are not limited to:
Schedule management plan.The schedule management plan is updated to reflect changes inprocessand practice driven by the risk responses. This may include changes in tolerance orbehavior related toresource loading and leveling, as well as updates to the schedule strategy.cost management plan.The cost management plan is updated to reflect changes in processandpractice driven by the risk responses. This may include changes in tolerance or behaviorrelated tocost accounting, tracking, and reports, as well as updates to the budget strategy andhow contingencyreserves are consumed.Quality management plan.The quality management plan is updated to reflect changes inprocessand practice driven by the risk responses. This may include changes in tolerance orbehavior related torequirements, quality assurance, or quality control, as well as updates to therequirements documentation.Procurement management plan.The procurement management plan may be updated toreflectchanges in strategy, such as alterations in the make-or-buy decision or contract type(s) drivenby the riskresponses.Human resource management plan.The staffing management plan, part of the humanresourcemanagement plan, is updated to reflect changes in project organizational structure andresourceapplications driven by the risk responses. This may include changes in tolerance orbehavior related tostaff allocation, as well as updates to the resource loading.Scope baseline.Because of new, modified or omitted work generated by the risk responses, thescopebaseline may be updated to reflect those changes.Schedule baseline.Because of new work (or omitted work) generated by the risk responses, theschedulebaseline may be updated to reflect those changes.cost baseline.Because of new work (or omitted work) generated by the risk responses, the costbaselinemay be updated to reflect those changes.11.5.3.2Project documents updatesIn the Plan Risk Responses process, several project documents are updated as needed. For example, whenappropriate risk responses are chosen and agreed upon, they are included in the risk register. The riskregistershould be written to a level of detail that corresponds with the priority ranking and the plannedresponse. Often, the

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Term
Spring
Professor
N/A
Tags
Project Management, Project Management Institute, Project Management Body of Knowledge

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