Risk responses

Question 1

Use this strategy when you REALLY want the positve risk to happen. “when the organization wishes to ensure that the opportunity is realized”

Answer 1

Exploit

Question 2

Strategy to try and ensure that a positive risk occurs. Used to increase the probability and/or positive impacts of an opportunity

Answer 2

Enhance

Question 3

Get a third party involved to try and help you best capture the positive risk. “allocating some or all of the ownership the opportunity to a third party who is best able to capture it for the benefit of the project”

Answer 3

Share

Question 4

Enjoy the benefits of the opportunity! “being willing to take advantage of the opportunity if it arises, but not actively pursuing it”

Answer 4

Accept

Question 5

“When the project team decides to acknowledge the risk and not take any action unless the risk occurs”

Answer 5

Accept

Question 6

Try to ensure that it doesn’t happen. “project team acts to reduce the probability of occurrence or impact of a risk”

Answer 6

Mitigate

Question 7

Give to someone else like an insurance company. “project team shifts the impact of a threat to a 3rd party together with the ownership of the response”

Answer 7

Transfer

Question 8

Use this risk strategy when you want to be sure that the negative risk is not encountered. “project team acts to eliminate the threat or protect the project from its impact”

Answer 8

Avoid