Part B (Use Table 7.8 as a guide)

Risk Event (These 2 risk events are given)	Response (Risk Mitigation - Plan to mitigate a risk event BEFORE it occurs)	Contingency Plan (Plan to implement AFTER a risk event occurs)	Trigger (signals or early warning signs that a risk event is likely to occur to actuate/trigger contingency plan)	Who is responsible (Risk Owner is responsible for a specific risk event)
If a top musician hired for entertainment fails to show up, then students will ask for refund.
If students break into fights, then the reputation of the university will be damaged.

Table 7.8

Please note:

Risk mitigation and contingency planning both help you prepare for trouble.

Risk Mitigation strategies are things you should be doing now, whereas your risk contingency plan only kicks in if disaster strikes.

Risk response owners: Risks can be assigned to individuals who can develop risk responses and also who will implement risk responses if those opportunities or threats occur.

Contingency plans: They describe the specific actions that can be taken if the specific opportunity or threats occur.

Risk Triggers Events that trigger the contingency plan. A project manager should identify the early warning signs (indirect manifestations of actual risk events) for each risk on a project so that they will know when to take action.

FIGURE 7.8 Risk Response Matrix Risk Event Response Contingency Plan Trigger Who Is Responsible Interface problems Mitigate: Test prototype Nils System freezing Mitigate: Test prototype Emmylou Work around Not solved until help comes within 24 hours Reinstall OS Still frozen after one hour Increase staff Call from top support management Order Equipment replacement fails User backlash Eddie Mitigate: Prototype demonstration Mitigate: Select reliable vendor Transfer: Warranty Jim Equipment malfunctions FIGURE 7.8 Risk Response Matrix Risk Event Response Contingency Plan Trigger Who Is Responsible Interface problems Mitigate: Test prototype Nils System freezing Mitigate: Test prototype Emmylou Work around Not solved until help comes within 24 hours Reinstall OS Still frozen after one hour Increase staff Call from top support management Order Equipment replacement fails User backlash Eddie Mitigate: Prototype demonstration Mitigate: Select reliable vendor Transfer: Warranty Jim Equipment malfunctions