Residual risk, by default, has the separate risk response strategy of acceptance. So we could have taken a transfer, mitigate or avoid response with a particular negative risk and whatever risk exposure remains after is accepted.
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
I totally agree with Kiron and can't add more to that. Those risks for sure has a separate response strategy to address them should they occur. Saving Changes...
Tamer Zeyad SadiqAssistant Cost Manager| Turner & TownsendRiyadh, Ar Riyad, Saudi Arabia
As Kiron said, the residual risk is coming after risk response implement as per shown in project documents update then it will be updated in risk register and go to procees planning again as per PMBOK!!! Saving Changes...
After risk response strategy was implemented there could be two types of risks - residual and secondary. Residual are expected/known and should have been considered in the initial strategy but secondary risks will require new strategy. Saving Changes...
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
Aug 29, 2018 6:29 AM
Replying to Sante Delle-Vergini, PhD
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I agree with Rajesh, but he isn't here! ;-)
Good One :-) Saving Changes...
Moloy ChakrabortyPrincipal Project Manager| WSP UK LTDHigh Wycombe, Buckinghamshire, United Kingdom
Thanks, everyone for the explanation
Hi Petar, Residual Risks are those risks which remain after the planned responses of risk have been taken and Secondary Risks are those risks which arise as a direct result of implementing a risk Response
Hence Risk response strategy will only prepare for the new risk (Secondary Risks) and not for Residual Risks that is as per PMBOK but what is the good practice in the real project?
You should review the impact of risk response on regular basis. Progress in the project may add or remove risk, and your risk response may impact differently over time. creating new residual risk or secondary risk. Saving Changes...
I don't think there could be definite answer about the residual risks. It may be depends on the project type, industry, complexity, etc.
In my projects, residual risks are accepted with allocated contingency reserve, and have low impact and probability, and I don't do anything more due to resource constraints :-(
A good practice is may be to review them from time to time but this always depends on the resources PM has available to handle risks :-) Saving Changes...
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