Risk Response Plan with PMBOK Strategies
Define formal response strategies for negative risks and opportunities.
Create a structured risk response plan that applies PMBOK strategies (avoid, mitigate, transfer, accept, escalate) with concrete actions, costs, and owners.
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Prompt objective
Create a structured risk response plan that applies PMBOK strategies (avoid, mitigate, transfer, accept, escalate) with concrete actions, costs, and owners.
Real use case
An e-commerce company is launching a new platform in 5 months ahead of a major sales event. They have identified 18 risks in the register but have no response plans. The PMO requires formalized responses for the top 10 critical risks before approving the development phase.
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Prompt
Develop a detailed Risk Response Plan for:\\\\\\\\n\\\\\\\\nProject: [PROJECT NAME]\\\\\\\\nDeadline: [DATE]\\\\\\\\nAvailable contingency budget: [AMOUNT IN USD OR % OF BUDGET]\\\\\\\\nRisk register: [PASTE OR DESCRIBE TOP 10-15 RISKS WITH PROBABILITY AND IMPACT]\\\\\\\\nOrganization's risk tolerance: [RISK-AVERSE / NEUTRAL / RISK-TOLERANT]\\\\\\\\n\\\\\\\\nFor each risk, define:\\\\\\\\n1) Selected response strategy:\\\\\\\\n - **Avoid**: eliminate the cause or protect the project\\\\\\\\n - **Mitigate**: reduce probability and/or impact\\\\\\\\n - **Transfer**: shift to third party (insurance, contract, warranty)\\\\\\\\n - **Active Accept**: contingency reserve + contingency action plan\\\\\\\\n - **Passive Accept**: document and monitor\\\\\\\\n - **Escalate**: when it exceeds project manager authority\\\\\\\\n2) Rationale for strategy selection\\\\\\\\n3) Specific actions (minimum 2 per risk):\\\\\\\\n - Action description\\\\\\\\n - Owner\\\\\\\\n - Implementation deadline\\\\\\\\n - Estimated action cost\\\\\\\\n - Effectiveness indicator\\\\\\\\n4) Residual risk after implementing responses\\\\\\\\n5) Secondary risks created by the responses\\\\\\\\n6) Triggers and monitoring plan:\\\\\\\\n - Leading indicator\\\\\\\\n - Verification frequency\\\\\\\\n - Immediate action if trigger fires\\\\\\\\n\\\\\\\\nAdd at the end:\\\\\\\\n- Summary table: risk | strategy | response cost | residual risk\\\\\\\\n- Contingency budget allocation by risk\\\\\\\\n- Contingency activation process (who authorizes, turnaround time)\\\\\\\\n- Identified opportunities with exploit/improve/share strategies\\\\\\\\n\\\\\\\\nFormat: tabular response plan + contingency activation flow + executive summary.
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