Question
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
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. |
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
1285141903, 1285141903, 9781285141909, 978-0538473637
