A Key Distinction Between A Risk Response And A Contingency Plan Is

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A Key Distinction Between A Risk Response And A Contingency Plan Is

A risk response is established only for moderate risks while contingency plans are established for major risks. A risk response is created by the project team and the project manager while the project manager and the customer agree on the contingency plan. A risk response is action that is the response to a risk once it has happened and the contingency plan is created by the customer if the risk response fails. A risk response is part of the actual implementation plan and action is taken before the risk can materialize, while a contingency plan goes into effect only after the risk has transpired. A risk response is only effective when you are able to assess the likelihood of the risk and its impact on the project; all other risks are covered by contingency planning.
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