How Many Risk Response Types are Available for Negative Risk Events in Projects?

C.

When planning risk responses for a project, there are typically four types of risk response strategies that can be employed for both positive and negative risks. However, for negative risks specifically, there are also three additional risk response strategies that can be used. Therefore, the total number of risk response types available for a negative risk event in a project is seven.

The four primary risk response strategies are:

1. Avoidance: This strategy involves eliminating the risk by changing the project plan or approach to completely remove the possibility of the risk occurring.

2. Mitigation: This strategy involves reducing the likelihood or impact of the risk through various measures such as contingency planning, risk sharing, or transferring the risk to a third party.

3. Acceptance: This strategy involves acknowledging the risk but not taking any specific actions to address it. This can be a viable option if the risk is low-impact or if the cost of mitigation outweighs the potential impact of the risk.

4. Exploitation: This strategy involves taking advantage of a positive risk event to increase the project's overall value.

The three additional risk response strategies for negative risks are:

1. Contingency Planning: This strategy involves preparing a contingency plan to address the risk event if it does occur. This may include identifying alternate resources or developing a recovery plan.

2. Risk Transfer: This strategy involves transferring the risk to a third party, such as through insurance or outsourcing.

3. Escalation: This strategy involves escalating the risk to a higher level of authority, such as a steering committee or executive sponsor, to obtain additional resources or support.

Therefore, the correct answer is A) Seven.