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Topics: Risk Management
What would be the Response plan for a Risk which may happen right from the inception to closure of a Project?

There is a chance that a potential Risk (assuming that it's a threat) that may affect throughout the lifecycle of a Project. What would be Response Plan for such a situation?
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Strictly speaking no it would not be a risk. If it is a risk, it is a potential problem. If it is occurring throughout the project life-cycle, than it is an issue since the risk has already been realized.

With a risk, you can avoid it, mitigate it, accept it, or transfer it. Once it's an issue, you can not longer avoid it, so you're stuck with the other 3 options. Improve the situation, accept it, or make it someone else's problem.

Based on Rita Mulcahy risk management book one of the risk factors is frequency.

Frequency is about how many times the risk might occur during the life of the project.

For example, in a construction project you have the risk of rain, which probability will change depending of the season. So you need a response plan to pour concrete if rains.

Another example, if you´re installing new equipments in a running plant, you have a risk of interference between production and new instalation, so you need daily meetings to mitigate this risk.

I hope my explanation helps you.

You have to calculate probability and impact. Regarding both you can decide the strategy. Is not a matter of duration.

I understand your question that that risk event might occur at any time during the project and have an impact on project objectives at the time when it occurs. All risk strategies according to PMBoK ed6 apply.
For example it may rain and you get wet:
avoidance: stay inside
mitigation: take an umbrella, then you reduce the impact, not the probability
acceptance: just get wet
share: ask your partner to come with you and carry the umbrella
escalation: complain about the rain to your partner and let him/her solve the problem

Mohamed -

as Sergio has indicated, the duration of a risk remaining open is just one factor to consider when developing an appropriate response. For example, if the threat is very low impact and low probability, the appropriate response might be to accept it and monitor it on a watchlist.


strategies for threats are:-
(Escalate- Avoid-Accept-mitigate and transfer)

According to the (probability and impact ) you will choose the response plan.

Well duration does in fact play a part, not the most major part but a part nonetheless. If the projects is 99.99% complete, the duration plays a part for that risk; there isn't as much probability for the risk to occur as from the beginning of the project up until that time.

Thank you gentlemen for all the comments

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