Part II. Project Constraints, Influences, and Risks

Question 1

Risk Strategies - Accept Risk

Answer 1

Both negative and positive. Acknowledges the risks but decides no to take any action.

Question 2

Risk Strategies - Mitigate Risk

Answer 2

Negative risk. Project team reduces the probability that the risk will occur or lessens the projected impact of the risk.

Question 3

Risk Strategies - Transfer Risk

Answer 3

Negative risk. The risk impact is shifted to another party. Almost always involves payment to the other party.

Question 4

Risk Strategies - Avoid Risk

Answer 4

Negative risk. Project team eliminates the risk or protects the project from the risk. Most popular method is to edit the project management plan to remove threat entirely from project, not always possible.

Question 5

Risk Strategies - Exploit Risk

Answer 5

Positive risk. Project team ensures that the risk occurs.

Question 6

Risk Strategies - Enhance Risk

Answer 6

Positive risks. Project team identifies the key drivers that affect a risk and adjusts them to increase the probability of the risk.