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Once a decision is made to resolve a risk, the project manager typically assigns the owner of the risk to develop a response strategy. Use risk response strategies to document the strategies, actions, goals, schedule dates, tracking requirements, and other supporting information required to reduce risk probability and impact.
Regardless of who owns the risk, you can assign individual response strategies to different resources, and each response strategy can have its own due date. These dates and names can be used with processes to send notifications and reminders to risk owners.
The risk response type indicates to watch, accept, transfer, or mitigate the risk. Generally, create a risk response strategy when you select a Response Type of Mitigate. In some cases, you can accept the risk exposure and not pursue the risk.
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