Chapter 6

Response Implementation and

Monitoring

Y. Raydugin. Project Risk Management: Essential Methods for Project Teams and Decision Makers. John Wiley & Sons Inc., New York, 2013
Where the Rubber Meets the Road
• The steps of a risk management process should be
merged with the project team’s work plans.
• The risk management process usually repeats itself
several times for each uncertainty.
• Eventually, an uncertainty is either closed or
accepted.
• Decisions about project cost and schedule reserves
are made based on assessments after addressing (to-
be).

Y. Raydugin. Project Risk Management: Essential Methods for Project

Teams and Decision Makers. John Wiley & Sons Inc., New York, 2013 2
 When Can an Uncertainty Be Closed?
• When it is avoided and no longer relevant to the project (e.g.,
new reference case, change of design, etc.).
• When it is fully mitigated or reduced to the green level and
neglected after all planned addressing actions are completed.
• When the time window of an uncertainty relevance is past
(e.g., permits received: no permitting risks left).
• When it is fully transferred (e.g., good insurance policy
purchased with no or very low deductible).
• Otherwise, it should stay active and be accepted as residual.
The (as low as reasonably practicable) ALARP concept
could be confusing if an acceptable level corresponds to yellow or red
uncertainties (e.g., Space Shuttle program, war-zone activities, capital
projects in unstable countries, etc.).
Y. Raydugin. Project Risk Management: Essential Methods for Project
Teams and Decision Makers. John Wiley & Sons Inc., New York, 2013 3