Per definition residual risk is the risk that remains after risk response planning. However it should be documented and remain continuously on your radar throughout the project to review whether ranking has changed and some risk response planning is applicable due to changes.
Per definition residual risk is the risk that remains after risk response planning. However it should be documented and remain continuously on your radar throughout the project to review whether ranking has changed and some risk response planning is applicable due to changes.
Thanks for your answer. Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
It is like Bruce Beizer law of testing: “First law: The pesticide paradox. Every method you use to prevent or find bugs leaves a residue of subtler bugs against which those methods are ineffective.”
The key is to ensure that the expected impact of residual risks is less than the cost of doing something about them...
Kiron
...
1 reply by Md. Masudur Rahman
Nov 01, 2017 7:23 AM
Md. Masudur Rahman
...
Agreed. Thanks for reply.
Saving Changes...
Stéphane ParentSelf Employed / Semi-retired| Leader MakerPrince Edward Island, Canada
Kiron is correct. The cost of increasing a system's availability from 99.9% to 99.99% is enormous. Likewise, the smaller the residual risk, the more expensive it gets to manage it.
Sergio is also correct: your secondary risks can quickly grow larger than your residual risk.
...
1 reply by Md. Masudur Rahman
Nov 18, 2017 5:31 AM
Md. Masudur Rahman
...
Thanks for your opinion.
Saving Changes...
Henry HattenrathProject Consultant| Tectonic Engineering MSA LLCNew York, Ny, United States
In line with Peter’s input - despite implementing a response to a triggered event, the risk still exists and will continue to be monitored. It is also evident that the response action may not be adequate to address the estimated cost and schedule impact of the risk event.
Whether threat or opportunity, the objective of the response is to minimize the impact of the threat or to maximize the benefit of the opportunity. As a result, the risk response may need to be re-evaluated and adjusted to assure the next time the event is triggered the response is more complete.
It is like Bruce Beizer law of testing: “First law: The pesticide paradox. Every method you use to prevent or find bugs leaves a residue of subtler bugs against which those methods are ineffective.”
