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Friday, March 22, 2013

Section Summary – Output of Plan Risk Responses 

In this section we learnt about all the outputs of the plan risk responses process. Let us quickly summarize what we have learnt so far. 
• During the Plan Risk Responses process we formulated possible responses we could use to handle the risks identified in our project
• The following are the outputs/updates generate by this process: 
o Updates to the Project Management Plan
o Updates to the Risk Register
o Updates to Project Documents and
o Updates to Risk Related Contract Decisions
• The Risk Register is updated extensively during this process. We will be updating it with the response that has been agreed upon by the risk management team against each risk
• The owners of the risk, the symptoms & warning signs, budget & schedule requirements etc. are updated for each risk too 
• Fall back plans and contingency reserves formulated and updated 
• The following subsidiary plans in the Project Management Plan too will get updated as a result of this process: 
o Schedule Management Plan
o Cost Management Plan
o Quality Management Plan
o Procurement Management Plan
o Human Resource Management Plan
o Work Breakdown Structure 
o Schedule Baseline
o Cost Performance Baseline 
• The typical updates to general project documents that might result as an output of this process are: 
o Updates to the Assumption Log and 
o Technical Documentation Updates 
• Whenever a third party is involved in our project, it would be a prudent idea to sign a formal contract to ensure that both the vendor (providing us with the service) and our team know what is expected out of one another
• The purpose of the plan procurements process is to document project purchasing decisions including approach, identify potential sellers, types of contracts to use etc.

Prev: Risk Related Contract Decisions

Next: Monitor & Control Risks - An Introduction

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