Which of the following is an acceptable method for handling positive project risk?
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A. B. C. D.A.
Exploit is a method for handling positive project risk.
Incorrect Answers: B, C, D: These are all responses which is used for negative risks, and not the positive risk.
Positive project risk, also known as opportunities, can be handled through various methods including exploiting, enhancing, sharing, or accepting. Out of the options given, "Exploit" is the acceptable method for handling positive project risk.
Exploit means taking advantage of the opportunity to increase the probability and/or impact of the positive risk event. This method aims to maximize the potential positive impact of the opportunity by allocating resources, changing project plans, or enhancing the probability of the event.
For instance, if a project team identifies a potential opportunity to increase customer satisfaction by introducing a new feature, the team may exploit the opportunity by allocating additional resources, such as hiring a specialized development team, to ensure the feature is implemented correctly.
In contrast, Avoid aims to eliminate the risk entirely by changing the project plan. Mitigate aims to reduce the probability or impact of the risk event. Transfer aims to shift the risk to a third party, such as an insurance provider or vendor.
While Avoid, Mitigate, and Transfer are methods used for handling negative risks or threats, Exploit is the method used for positive risks or opportunities. It is essential to determine which risk response strategy to use based on the type of risk event identified and the potential impact on the project objectives.