After reading about weather disasters and other events that destroy lives and disrupt businesses, I thought I’d refresh my knowledge of business continuity practices. Here are some notes from a business continuity course from Project Management Institute.
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Contingency planning.
- Planning responses in case risk events occur.
- Assigning reserves to support executing contingency responses.
- Money.
- Time.
- Materials.
- Staff.
- Counters impact on project:
- Scope.
- Schedule.
- Cost.
- Quality.
- Characteristics of contingency plans.
- Doesn’t involve mitigating risk by reducing probability of occurrence; doesn’t involve ignoring risk. Involves putting plans and resources in position for use if risks occur.
- Plans can deal w/threats and opportunities.
- Determine level of risk; stakeholders’ risk tolerance.
- Identify warning signs/triggers for monitoring.
- Threshold values, e.g., performance trends, defect rates.