Mitigation plan tasks are normally planned out first and them submitted for approval, based on their cost and on their reduction in weighted cost impact for this risk (weight cost improvement). Prior to the plans' approval and release they are not firm, and therefore they do not influence the risk's weighted cost impact.

Following the approval and release of your risk mitigation plan, the target or forecast probability and/or cost impact post mitigation plan may be determined for planning future management reserves.  This target or residual cost impact can even be set-up on a  task-by-task basis.

The next step is to actually implement or carry out your mitigation plan, task by task. As you do so, click the "done" checkboxes for each task, highlighted in the screen shot above.  As you complete each task the following things happen:

1. If you maintained residual cost impact and target % for that task then the weighted cost impact for the risk, and the amount carried into the project's management reserve, is reset to the residual values setup for this completed task
2. The mitigation plan cost is recalculated based on only the cost of open tasks, or tasks which are not yet completed
3. The ROI, such as it is, is recalculated based on the improvement anticipated from the new current cost impact to the forecast or target (the reduction in cost impact of open tasks only, minus mitigation plan cost) divided by the new mitigation plan cost

When the last mitigation plan task is marked as done the risk's weighted cost impact is reset to the value of the residual forecast or target weighted cost impact.

Some companies may configure this application to give users a choice whether to adopt the target probability and cost impact as each task is completed. If you have set up the application this way then you will see the popup shown above:

• Click YES in the popup to update the risk's weighted cost impact to the target or residual weighted impact
• Click NO in the popup to retain the existing or assessed cost impact, probability and weighted cost impact

Although risk weighted cost impact is adjusted to the target weighted impact by clicking YES, the original cost, schedule and performance impacts from the ASSESSMENT tab are not adjusted, only the weighted impact. Editing the original cost, schedule or performance impact in the ASSESSMENT tab will reset the weighted impact again.