PMP TIPS by SAMI(8): Positive risk(opportunity) and four possible risk responses. #pmptipsbysami

PMP TIPS by SAMI(8): Positive risk(opportunity) and four possible risk responses.?#pmptipsbysami

Risk and opportunity management: Is the culture, processes and structures that are directed towards effective management of potential opportunities to an organization achieving its objectives.

Response(1)-Risk Escalation: A risk response strategy whereby the team acknowledges that a risk is outside of its sphere of influence and shifts the ownership of the risk to a higher level of the organization where it is more effectively managed.?

Response(2)-Risk Sharing: A risk response strategy whereby the project team allocates ownership of an opportunity to a third party who is best able to capture the benefit of that opportunity.

Response(3)-Risk Exploitation: A risk response strategy whereby the project team acts to ensure that an opportunity occurs. This may include assigning an organization’s most talented resources to the project to reduce the time to completion, or using new technologies or technology upgrades to reduce cost and duration.

Response(4)-Risk Acceptance: Accepting an opportunity acknowledges its existence but no proactive action is taken. Acceptance can be either active or passive.

Reference: PMBOK-6th edition.

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