Step $5$: Response Planning and Risk Response Strategy $(10$ minutes$)$

Select Response Strategies:

Mitigate: Take steps to reduce the likelihood or impact.

Transfer: Shift responsibility, for example, through insurance or contracts.

Accept: Acknowledge the risk and prepare to manage it if it occurs.

Avoid: Change plans to eliminate the risk.

Develop Action Plans:

For each high$-$priority risk, select an appropriate response strategy.

Example: For "Delay in Material Delivery," the team may choose "Mitigate" by developing relationships with multiple suppliers to ensure backup options.

Record Response Actions:

Document the response actions for each high$-$priority risk, assign Risk Owner and other information, use Risk Register Template, which also considered live document to be monitored throughout the project.