Uncertainty/Risk Flashcards
Extract all possible value from the opportunity
Describes which of the 5 strategies for taking advantage of opportunity
Exploit
When the opportunity is outside the scope of the project or the proposed response would exceed your authority; brought to higher authority
Describes which of the 5 strategies for taking advantage of opportunity
Escalate
Allocate either a portion or all of the ownership of the opportunity to a party that is best able to take advantage of it.
Describes which of the 5 strategies for taking advantage of opportunity
Share
Increase the probability of occurrence or impact of an opportunity.
Describes which of the 5 strategies for taking advantage of opportunity
Enhance
Acknowledge its existence, but don’t make any plans to take advantage of it
Describes which of the 5 strategies for taking advantage of opportunity
Accept
Elimiate the threat or protect the project from its impact
Describes which of the 5 strategies for dealing with threats
Avoid
Shift ownership of the threat to another party to either manage or bear the impact, if the threat occurs
Describes which of the 5 strategies for dealing with threats
Transfer
Take action to reduce the threat’s probability
Describes which of the 5 strategies for dealing with threats
Mitigate
Acknowledge the existence of the threat but decide not to do anything about it
Describes which of the 5 strategies for dealing with threats
Accept
When the threat is outside the scope of the project or the proposed response would exceed your authority; brought to higher authority
Describes which of the 5 strategies for dealing with threats
Escalate
