Risk response strategies

Deliverable Length:   300–500 words

Primary Response: Within the Discussion Board area, write 300–500 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

For this Discussion Board, please complete the following:

Risk response strategies are the ways in which risks can be handled if they occur. For negative risks, the appropriate strategies are the following:

• Accept
• Mitigate
• Avoid
• Transfer
• Escalate

For positive risks, the strategies are as follows:

• Accept
• Enhance
• Exploit
• Share
• Escalate

Respond to the following questions:

• Describe the Plan Risk Response process and share an example of three tools and techniques used. Why is it critical for project managers to have a risk response strategy in place?
• Describe one positive and one negative risk for any project scenario and select the proper risk response strategy. Why do you think the strategy you chose is the best fit for the situation?
• How will you work with the project team to determine the risk response and implementation strategies for each risk in your project?