Opportunity for Time Reduction through Resource Enhancement: Risk Response in CRISC Exam

B.

Exploit response is one of the strategies to negate risks or threats that appear in a project.

This strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized.

Exploiting a risk event provides opportunities for positive impact on a project.

Assigning more talented resources to the project to reduce the time to completion is an example of exploit response.

Incorrect Answers: A: The enhance strategy closely watches the probability or impact of the risk event to assure that the organization realizes the benefits.

The primary point of this strategy is to attempt to increase the probability and/or impact of positive C: Risk acceptance means that no action is taken relative to a particular risk; loss is accepted if it occurs.

D: The share strategy is similar as transfer because in this a portion of the risk is shared with an external organization or another internal entity.

The risk response that is being described in this scenario is the "Exploit" response, which involves taking advantage of an opportunity to increase the probability or impact of a positive risk.

In this case, the project manager has identified that by bringing on more qualified resources or by providing even better quality than originally planned, the project could be completed in less time. By doing so, the organization would be taking advantage of a positive risk or opportunity to reduce the project duration, which would have a positive impact on the project's outcome.

Other possible risk responses include:

• Accept: This response involves acknowledging the existence of a risk, but choosing not to take any action to address it. This response is typically chosen when the risk is deemed to be low-impact or low-probability, and the cost of addressing it is not justified.
• Enhance: This response involves taking actions to increase the probability or impact of a positive risk. This is typically done by adding resources, improving processes, or implementing new technologies to increase the likelihood of a positive outcome.
• Share: This response involves transferring the risk to another party, typically through insurance, outsourcing, or contractual agreements. This is typically done when the cost of addressing the risk is too high for the organization to bear alone, or when the organization lacks the expertise to manage the risk effectively.