Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In the table below identify the type of risk response strategy for each example. Choose from the following categories: avoid, transfer, mitigate the probability, mitigate

  1. In the table below identify the type of risk response strategy for each example. Choose from the following categories: avoid, transfer, mitigate the probability, mitigate the impact, transfer, accept, exploit, enhance the probability, enhance the impact, share, or escalate.
Item # Strategy example Type of risk response strategy
1 Notify the project management office (PMO) that if enterprise solution of the testing software needed for your project is purchased that 4 other IT groups could also use it for their current and upcoming projects.
2 You have determined the potential costs associated with an identified risk but you have decided not to do anything to prevent the risk from happening.
3 One of the members on your team is deficient in a certain skill that is needed for your project and you are concerned it could result in errors. You decide to send the team member for training.
4 Adjust the project schedule so that a particular work package aligns with the availability of a more experienced resource.
5 You decide to contract out a piece of your project to help you to take advantage of an opportunity.
6 You have decided to remove a person from your project that has been causing trouble.
7 You provide conflict resolution training for your project team.
8 You got word that your competitor is also interested in purchasing a key piece of equipment and you decide to start negotiations related to its purchase earlier than originally planned in hopes that you will get it for a lower price.
9 You hire an experienced contractor to complete a particularly difficult component of the project.
10 You ask your client to complete a portion of the work in which they have more expertise because you are concerned regarding negative impacts to the project if that portion is performed by your team.
11 Remove an activity or a work package from the project scope due to some known issues with reliably producing the desired result.
12 Regularly visit your seller's facility so that your team learns about potential problems with deliveries as soon as possible.
13 You develop a prototype for the new product under development that is particularly risky.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Hospitality Management

Authors: John R Walker

3rd Edition

0135061385, 9780135061381

More Books

Students also viewed these General Management questions

Question

6. Why is the plan recommended?

Answered: 1 week ago

Question

Consider a M/G/1 system with E[S] Answered: 1 week ago

Answered: 1 week ago