Positive risk events, such as these within the NHJ Project are also known as what?

Thomas is the project manager of the NHJ Project for his company. He has identified several positive risk events within his project and he thinks these events can save the project time and money. Positive risk events, such as these within the NHJ Project are also known as what?

A.
Opportunities

B.
Ancillary constituent components

C.
Benefits

D.
Contingency risks

Explanation:

A positive risk event is also known as an opportunity. Opportunities within the project to save time and money must be evaluated, analyzed, and responded to.

What are the risk response strategies for positive risks? Hide

The risk response strategies for positive risks are as follows:

Exploit: This strategy is preferred for risks with positive impacts where the organization desires to make sure that the opportunity is realized.
Share: Risk sharing deals with sharing of responsibility and accountability with others to facilitate the team with the best chance of seizing the opportunity.
Enhance: Risk enhancement raises the probability of an opportunity to take place by focusing on the trigger conditions of the opportunity and optimizing the chances.
Accept: It delineates that the project plan will not be changed to deal with the risk. Management may develop a contingency plan if the risk does occur. It is used for both negative and positive risks.

Answer option D is incorrect. A contingency risk is not a valid risk management term.

Answer option C is incorrect. Benefits are the good outcomes of a project endeavor. Benefits usually have a cost or associated with them.

Answer option B is incorrect. This is not a valid project management term.

Reference: “Project Management Body of Knowledge (PMBOK Guide), Fourth Edition”