You work as a project manager for Tech Soft Inc. You are preparing to plan risk responses for your project with your project team. How many risk responses are available for a positive risk event in the project?
A.
One
B.
Seven
C.
Three
D.
Four
Explanation:
There are four risk responses available for a positive risk event. 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 A is incorrect. There are four responses for positive risk events.
Answer option C is incorrect. There are four, not three, responses for positive risk events. Do not forget that acceptance can be used for both positive and negative risk events.
Answer option B is incorrect. There are total seven risk responses, four of which can be used for positive risk events.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth Edition"