You work as a project manager for BlueWell Inc.
You are preparing to plan risk responses for your project with your team.
How many risk response types are available for a negative risk event in the project?
Click on the arrows to vote for the correct answer
A. B. C. D.D.
Four risk response options are there to deal with negative risks or threats on the project objectives- avoid, transfer, mitigate, and accept.
-> Risk avoidance -> Risk mitigation -> Risk transfer -> Risk acceptance Incorrect Answers: A, B ,C: These are incorrect choices as only 4 risk response are available to deal with negative risks.
The correct answer is D. 4.
There are four types of risk responses available for negative risk events in a project, which are as follows:
Avoid: This response aims to eliminate the risk entirely by changing the project plan or taking actions to prevent the risk from occurring. For example, avoiding a risk of working with an unreliable vendor by selecting a different vendor.
Transfer: This response aims to shift the risk to another party who is better able to manage it. For example, transferring the risk of a software development project to an external vendor.
Mitigate: This response aims to reduce the probability or impact of the risk event by taking proactive measures. For example, mitigating the risk of a delay in a project by adding additional resources.
Accept: This response aims to acknowledge that the risk event may occur and to plan for it if it happens. For example, accepting the risk of project delays due to unexpected weather conditions and building in extra time into the schedule to accommodate the delay.
Note that there are two additional types of responses available for positive risk events (i.e., opportunities) in a project, which are exploit and enhance. However, this question specifically asked about negative risk events.