Residual Risks

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Sud
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Residual Risks

Postby Sud Wed Aug 13, 2014 6:54 pm

You are conducting a status meeting and monitoring your risk register when you discover a risk that remains
even after you implement all of your response strategies. What kind of risk is this and what should you do about
it?
A. It’s a secondary risk; you don’t need to worry about it.
B. It’s a residual risk; you need to plan a response strategy for it.
C. It’s a residual risk; you don’t need to plan a response strategy for it because you’ve already implemented all of
the risk responses you can plan for.
D. It’s a contingency reserve. You should only use it if the first risk occurs.

Headfirst-C.

My Doubt- As per the explanation. for a Residual Risk. response strategy is not planned. Then how are the Residual risks taken care of when thay occur? Is always, "Accept" used for Residual risks??
namita
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Re: Residual Risks

Postby namita Thu Aug 14, 2014 7:31 am

As per PMBOK5, its clearly mentioned

Residual risks that are expected to remain after planned responses have been taken, as well as those that have been deliberately accepted;


Please refer to blogs on negative and positive risks

http://www.izenbridge.com/blog/how-to-h ... trategies/
http://www.izenbridge.com/blog/learn-ho ... rtunities/
sunku65
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Re: Residual Risks

Postby sunku65 Thu Aug 14, 2014 3:44 pm

C. This looks like Done Deal. Further you cant do anything. Just accept it. The Risk remain forever.
Sud
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Re: Residual Risks

Postby Sud Fri Aug 15, 2014 5:34 pm

Thanks. A general point- Suppose during the Identify Risk process, Risk A is identified and also it is understood that Risk AA will remain even after responses to A are implemented (For ex- A:Team Lead may leave job, AA: Newely hired person may not be able to perform). In such a case AA is clearly a Residual Risk. So during Identify Risk process, won't Contingency and Fallback plans be registered for AA??

-Sud
namita
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Re: Residual Risks

Postby namita Fri Aug 15, 2014 5:49 pm

for residual risks we do plan for contingency to some extent and if it occurs we use it. sometimes if we feel this risk is v v rare to occur we can also go without contingency.

please refer old threads in our forum where we discussed residual risks, you can search and get even more threads

viewtopic.php?f=11&t=1062&p=3626&hilit=residual#p3626

viewtopic.php?f=11&t=1004&p=3405&hilit=residual#p3405

viewtopic.php?f=10&t=772&p=2316&hilit=residual#p2316

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