All language subtitles for KU PMGT 823 Session 5 (Part A)- Risk Response Strategies and Action Planning

Hello everyone and welcome to PMGT 823,
Project Risk Management.

In this session, we are going to focus
on one of the most practical and

-driven steps in risk management, that
is planning risk responses.

This is Session 5, Part A, and it is all
about exploring the strategies we use

to respond to risks effectively.

Let's dive in.

In this part of Module 5, we will focus
on two important aspects of risk

response, selecting the right strategies
and turning them into concrete action

plans. We will explore how to choose
appropriate responses for different

of risks, and then how to ensure those
responses are clearly defined, assigned,

and ready to implement.

Let's quickly review the seven main risk
management processes.

In this session, we are focusing on step
five, which is planning risk responses.

This step helps us choose the right
strategies and actions to address

risks. It builds on the previous
analysis and prepares the team for

action.

Once we have identified, analyzed, and
prioritized the risk, the next step is

decide how we want to respond to them.

Planning risk responses means developing
specific strategies and actions to deal

with both individual and overall project
risks.

The goal is to reduce risk and also take
advantage of opportunity and keep the

project moving forward even when things
are uncertain.

A good response plan supports the
project objectives, is agreed upon by

stakeholders, and has a clear owner
responsible for carrying it out.

The purpose of planning a risk response
is to be proactive.

We want to eliminate treats before they
occur and make sure opportunities are

actually realized.

We also try to reduce the likelihood or
impact of negative risks and increase

the chance of positive outcomes.

But not all risks can be fully avoided.

For those, we prepare a contingency plan
if the risk happens and a fallback plan

in case the first risk plan does not
work as expected.

A risk response strategy helps the team
decide how to act after a risk has been

identified and analyzed.

As we mentioned earlier, these
strategies can be applied to both

overall project risk.

They should be chosen based on how
serious the risk is, whether the

practical, and whether the stakeholders
agree.

And of course, every strategy should be
realistic, cost -effective, and assigned

to someone who is accountable for making
it happen.

Treats are uncertain events that can
negatively impact project goals.

Choosing the right response strategy is
key to minimizing their effect.

The choice depends on the severity of
the treat, available resources, and how

much risk stakeholders are willing to
tolerate.

Here are the main strategies for
managing them.

Avoid means changing the project plan to
eliminate the treat entirely.

Mitigate involves reducing the
likelihood or impact of the risk.

Transfer shifts the risk to a third
party, like an insurance company or even

outsourcing it.

Accept means acknowledging the risk
without taking action unless it occurs,

often with a reserve in place.

An exploit is used when the risk falls
outside of the project team's authority

and needs to be handled at a higher
level.

So as you can see, each strategy
involves a different level of effort,

and remaining risk.

Choosing widely helps you to stay on
track despite...

having uncertainties in your project.

Let's walk through a real -life example.

Alex is managing the construction of a
new education center.

When he noticed that traffic might delay
material deliveries, he avoided the

risk by changing the delivery route.

Later, when heavy rain was expected, he
took steps to reduce the impact.

He ordered materials ahead of time and
made sure there was enough space to

them.

Related to expensive equipment, Alex
transferred the risk by getting

and using subcontractor services.

He also accepted a small delay in
paperwork and escalated a legal issue

outside of his authority.

By choosing the right strategy for each
situation, Alex kept the project moving

forward and handled uncertainty with
confidence.

Opportunities are uncertain events that
could have a positive impact on the

project. Just like tweets, they need
proactive planning, but the goal here is

increase benefits instead of avoiding
harm.

The strategy you choose should reflect
the value, urgency, and alignment with

the stakeholder and project goals.

Here, you can see some strategies for
managing opportunities.

Exploit means taking direct steps to
make sure the opportunity happens.

This could include allocating resources
or adjusting the schedule to fully

capture the benefit.

Enhance involves increasing the
likelihood or positive impact of the

opportunity. You may improve a process
or add a feature that boosts its value.

Share is about partnering with a third
party to jointly benefit from the

opportunity. For example, co -developing
a product with a vendor or a

stakeholder.

Accept means recognizing the opportunity
but not taking proactive steps. You

simply monitor the situation and take
advantage of it if it naturally occurs.

And finally, escalate is used when the
opportunity is outside of the project's

scope. You refer it to a higher -level
program or portfolio manager to make the

most of it.

Choosing the right strategy helps turn
potential advantages into real project

gains.

Here is an example that shows how
opportunity strategies work in action.

Morgan is leading the development of a
city government app.

When a tech startup offered to test
their tool for free, she took advantage

the exposure and used an exploit
strategy.

Later, she redesigned parts of the app
to better support people with

disabilities, applying an enhanced
strategy.

She also formed a partnership with a
specialized AI company, which shows a

shared approach.

In some cases, like the uncertain chance
to present at a global event, she

simply accepted the situation without
taking extra action.

And when a big decision came up that was
outside of the team's control, she

escalated it to the city officials.

Her choices helped keep the project
moving in the right direction.

Once a risk -response strategy is
chosen, it needs to be turned into clear

actionable steps.

These actions should be practical,
measurable, and part of the overall

plan. A strong response explains what
needs to be done, who will do it, when

will be happened, and how success will
be tracked.

You should define the timeline and
budget and consider backup actions if

Also, don't forget to look for new risks
that might come from the response

itself.

If this process is vague or incomplete,
it can cause delays, confusion, or even

inaction.

risk response needs a clear owner who is
responsible for making sure it gets

done. These owners are often subject
matter experts or trusted members of the

project team. When responsibility is
clearly assigned, follow -through

much more likely.

Ownership should also be documented in
the risk register so everyone knows who

is accountable.

This helps reduce confusion and ensures
that actions are actually implemented.

and that brings us to the end of part a
on planning risk responses if you have

any questions feel free to ask in part b
we will continue with additional tools

and examples to support your planning
process thank you very much again for

watching this video and i'll see you in
the next part