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I guess this heading is a little deceptive, since you only complete risk analysis once the program moves into the final activities of closing This is because, hint, hint, risk analysis is an iterative process The first output of this process is a list of identified risks and their priorities for the program Typically the risk events that are most imminent are the events you re most concerned about Second to this is the impact of each risk event on the program schedule and budget The second output of the risk planning and analysis process is the risk response plan This plan addresses the positive and negative risks and the methods you ve elected to respond to the identified risk events Of course, the status of the risks can change as conditions within the program may change When a risk event status is changed, you ll need to review the proposed risk response, and you may have to change the risk response There are seven risk responses, three for negative risk events, three for positive risk events, and one that s acceptable for both: Mitigation This risk response is an attempt to reduce the probability and/or impact of a risk For example, you may spend $45,000 to reduce the probability of a risk event that could cost your project $95,000 if it were to happen Transference This risk response is usually based on a contractual relationship with a vendor You might transfer the electrical work within your program to a licensed electrical engineering company, because it s too dangerous to complete in-house The risk doesn t necessarily disappear; electricity is still dangerous, only now someone else is paid to own that risk event Insurance is another good example of transference Avoidance These are any actions that you take to avoid a risk event You may elect to run two projects consecutively rather than in tandem to avoid the risk between the projects.



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in retrospect and in hindsight reconsid-

ering the past with the knowledge one now has In retrospect, I would have gone to a better college David realized, in hindsight, that he should have finished school

Ann was really in seventh heaven when she got a car of her own I d be in seventh heaven if I had a million dollars

of giving something back; as a way of paying someone back for something; as part of an exchange I helped Tom yesterday, and he helped me in return for my efforts I paid $20 and received four tickets in return

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After the earthquake, the town lay in shambles The TV set was in shambles after John tried to fix it





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At the end of the financial report, the board president said, In short, we are okay My remarks, in short, indicate that we are in good financial shape I can straighten out this mess in short order The people came in and cleaned the place up in short order

as an estimated number; a figure that has been rounded off (In can be replaced with into See the note at in a bind and the examples below) Please tell me in round numbers what it ll cost I don t need the exact amount Just give it to me in round figures

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Enhancement Sometimes there s a risk that you d like to have happen, such as a discount from a vendor, a favorable window for weather conditions, or beating a deadline You can t always guarantee these risks will happen, so you do your best to make them happen Sharing Sharing a positive risk happens when two or more entities partner to realize the benefits of a risk they couldn t seize on their own For example, three construction companies partner to complete a massive sports stadium with their combined talent and effort Exploitation This risk response recognizes a risk event that is going to happen, so you exploit the risk event to realize as many gains from the event as possible Consider selling a by-product of the program, utilization of program staff, and beating a deadline to earn a sizeable bonus Acceptance This response is acceptable for both positive and negative risk events Risks that have a small impact and small probability are often accepted Larger risks, such as weather, laws and regulations, and stakeholder competing objectives are significant risks that you may just have to accept in your program You ll need to know these seven risk responses for your PgMP examination Your risk response plan will document the risk responses and the conditions surrounding the risks A risk trigger is often assigned to a risk event; a trigger is a warning sign or condition that a risk event is about to occur The trigger calls for the appropriate risk response to the pending risk

in search of someone or something Go to in quest of someone or something in season 1 currently available for sell-

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