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A program should develop a risk burn-down plan for all high and moderate risks and for selected low risks. For most risks, the burn-down plan consists of time-phased activities with specific success criteria. This detail allows the program to track progress to plan to reduce the risk to an acceptable level or to closure. Developing a burn-down plan generally consists of six steps:
Risk monitoring should include the use of burn-down charts to track actual progress against the plan. It includes a snapshot of the progress of mitigating the risk over time and the effectiveness of previous risk mitigation activity.
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