{"id":6930,"date":"2022-09-29T13:11:18","date_gmt":"2022-09-29T18:11:18","guid":{"rendered":"https:\/\/projectmanagementacademy.net\/resources\/?p=6930"},"modified":"2022-12-01T19:37:19","modified_gmt":"2022-12-02T00:37:19","slug":"strategies-for-risk-response","status":"publish","type":"post","link":"https:\/\/projectmanagementacademy.net\/resources\/blog\/strategies-for-risk-response\/","title":{"rendered":"PMP Exam Strategies for Risk Response: Mitigate Risk, Avoid, or Transfer"},"content":{"rendered":"\n<p>To earn a Project Management Institute (PMI) certification, project managers must know risk response strategies for mitigation, avoidance, transfer, exploitation, enhancement, sharing, and acceptance. All projects have risks; thus, project managers must plan risk responses to ensure positive project outcomes.<\/p>\n\n\n\n<p><strong>On this page:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"#risk-mitigation\">What is Risk Mitigation PMP or Mitigate Risk PMP?<\/a><\/li><li><a href=\"#strategies\">PMP Risk Mitigation Strategies: Negative and Positive<\/a><\/li><li><a href=\"#negative\">PMP Risk Response Strategies: Negative<\/a><\/li><li><a href=\"#positive\">PMP Risk Response Strategies: Positive<\/a><\/li><li><a href=\"#avoid-vs-mitigate\">PMP Risk Response Strategies: Avoid vs. Mitigate<\/a><\/li><li><a href=\"#takeaways\">PMP Risk Mitigation Strategies: Takeaways<\/a><\/li><\/ul>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<div class=\"wp-block-columns has-background is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\" style=\"background-color:#e9f7ff\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:40%\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"791\" height=\"1024\" src=\"https:\/\/e360-media.s3.amazonaws.com\/2022\/09\/01193044\/Ultimate-Guide-to-Risk-Management-791x1024.png\" alt=\"Ultimate Guide to Risk Management\" class=\"wp-image-7282\" srcset=\"https:\/\/e360-media.s3.amazonaws.com\/2022\/09\/01193044\/Ultimate-Guide-to-Risk-Management-791x1024.png 791w, https:\/\/e360-media.s3.amazonaws.com\/2022\/09\/01193044\/Ultimate-Guide-to-Risk-Management-232x300.png 232w, https:\/\/e360-media.s3.amazonaws.com\/2022\/09\/01193044\/Ultimate-Guide-to-Risk-Management-768x994.png 768w, https:\/\/e360-media.s3.amazonaws.com\/2022\/09\/01193044\/Ultimate-Guide-to-Risk-Management.png 850w\" sizes=\"auto, (max-width: 791px) 100vw, 791px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<div style=\"height:48px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-medium-font-size\" id=\"block-eef25254-e22e-41f6-826b-cab064e3d095\"><strong>Get Your Comprehensive Guide to Risk Management<\/strong><\/p>\n\n\n\n<p id=\"block-14690051-2796-4b03-bcb7-95d54bd01fcd\"><em>Learn how to manage risk in every project.<\/em><\/p>\n\n\n\n\n\t\t\t\t\t<script>\n\t\t\t\t\t\thbspt.enqueueForm({\n\t\t\t\t\t\t\tportalId: 3294842,\n\t\t\t\t\t\t\tformId: \"05ade5e2-a78b-40d4-9daf-a391639b4340\",\n\t\t\t\t\t\t\ttarget: \"#hbspt-form-1778171345000-8938765400\",\n\t\t\t\t\t\t\tregion: \"na1\",\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t});\n\t\t\t\t\t<\/script>\n\t\t\t\t\t<div class=\"hbspt-form\" id=\"hbspt-form-1778171345000-8938765400\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:10%\">\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"risk-mitigation\"><strong>What is Risk Mitigation PMP or Mitigate Risk PMP?<\/strong><\/h2>\n\n\n\n<p>Project managers should know the <a href=\"https:\/\/www.pmi.org\/-\/media\/pmi\/documents\/public\/pdf\/certifications\/practice-standard-project-risk-management.pdf?v=1e0b5985-74af-4c57-963c-b91a9af6fecb\" target=\"_blank\" rel=\"noreferrer noopener\">risk responses used in risk management<\/a>. Project Management Professional (PMP)\u00ae certification exam questions might include how to plan for risk, how to mitigate risk, and what risk control is. The terms \u201crisk mitigation PMP\u201d and \u201cmitigate risk PMP\u201d refer to risk response strategies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"strategies\"><strong>PMP Risk Mitigation Strategies: Negative and Positive<\/strong><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.pmi.org\/pmbok-guide-standards\/lexicon\" target=\"_blank\" rel=\"noreferrer noopener\">PMI defines risk as<\/a> \u201cAn uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.\u201d Project Management Academy, a Premier PMI Authorized Training Partner (ATP), provides students with this list of risk response strategies:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Negative<\/strong><\/td><td><strong>Positive<\/strong><\/td><\/tr><tr><td>Escalate<\/td><td>Escalate<\/td><\/tr><tr><td>Avoid<\/td><td>Exploit<\/td><\/tr><tr><td>Transfer<\/td><td>Share<\/td><\/tr><tr><td>Mitigate<\/td><td>Enhance<\/td><\/tr><tr><td>Accept<\/td><td>Accept<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>A project manager may use any combination of risk control techniques depending on the circumstances of the project risk.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"negative\"><strong>PMP Risk Response Strategies: Negative<\/strong><\/h2>\n\n\n\n<p>Increased costs, delayed deliverables, inferior quality, and regulatory fines are negative risk examples. Project managers cannot fully control risk but can use specific risk response strategies to manage it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:16px\"><strong>Escalate Risk<\/strong><\/h3>\n\n\n\n<p>Escalate risk is used when a risk response authorization is needed from outside a project\u2019s team.<\/p>\n\n\n\n<p>For example, if a customized shipping container cracks after the project closes, the risk will be high for the next project requiring it. Escalation, such as notifying the shipping manager of the container damage, can help ensure a risk response is activated to help future projects.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:16px\"><strong>Avoid Risk<\/strong><\/h3>\n\n\n\n<p>Avoiding risk means taking steps to keep a risk from happening. PMI defines avoid risk as \u201c\u2026eliminating the threat or protecting the project from its impact.\u201d <a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/how-to-monitor-risks\/\" target=\"_blank\" rel=\"noreferrer noopener\">Avoidance eliminates the risk altogether<\/a> when there is no risk tolerance.<\/p>\n\n\n\n<p>For instance, if the project\u2019s computers have no internet access, you avoid malicious external software attacks and the risk of losing data.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:16px\"><strong>Transfer Risk<\/strong><\/h3>\n\n\n\n<p>The most common risk response is transfer. PMI defines transfer risk as \u201c\u2026shifting the impact of a threat to a third party.\u201d The definition\u2019s use of the word \u201cthreat\u201d signals a negative risk. To transfer risk is a deflection of it.<\/p>\n\n\n\n<p>When a company outsources customer service operations, for example, the risk of personnel recruitment expenses will transfer from the project company to the vendor. Should the vendor fail to meet the requirements, the risk transfers back to the project company to address.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:16px\"><strong>Mitigate Risk<\/strong><\/h3>\n\n\n\n<p>Mitigating risks means the risk is just slightly above your organization\u2019s risk appetite or tolerance level, so you take steps to reduce the risk\u2019s impact to within acceptable limits. PMI defines mitigate risk as \u201c\u2026decreasing the probability of occurrence or impact of a threat.\u201d As it is decreased, not removed, there can be residual risk.<\/p>\n\n\n\n<p>For example, to mitigate theft, a company installs exterior security cameras. The residual risk is that a fire might destroy the building and its contents without internal warning systems.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:16px\"><strong>Accept Risk<\/strong><\/h3>\n\n\n\n<p>Negative risk response also includes acceptance. <a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/active-and-passive-risk-acceptance\/\" target=\"_blank\" rel=\"noreferrer noopener\">PMI defines accepting risk as<\/a> \u201c\u2026not taking any action unless the risk occurs.\u201d The company\u2019s tolerance level for risk influences the use of the accept risk response.<\/p>\n\n\n\n<p>In our external security camera example, the lack of a sprinkler system shows that they accept the risk of fire but do not accept the risk of theft.<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"has-text-align-center has-medium-font-size\"><strong>Studying for the PMP Exam?<\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100 is-style-fill\"><a class=\"wp-block-button__link has-white-color has-text-color has-background\" href=\"https:\/\/projectmanagementacademy.net\/free-pmp-questions?cat=risk-management\" style=\"border-radius:2px;background-color:#366194\" target=\"_blank\" rel=\"noreferrer noopener\">Risk Practice Questions<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"positive\"><strong>PMP Risk Response Strategies: Positive<\/strong><\/h2>\n\n\n\n<p><a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/plan-risk-response-in-projects\/\" target=\"_blank\" rel=\"noreferrer noopener\">Positive risk response strategies are focused on leveraging opportunities<\/a> for your project. The risk can benefit the project, and the risk response should maximize that.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:16px\"><strong>Escalate Risk<\/strong><\/h3>\n\n\n\n<p><a href=\"https:\/\/projectbliss.net\/escalating-project-risk\/\" target=\"_blank\" rel=\"noreferrer noopener\">Risk elevation is used when a risk needs to be addressed<\/a> by an authority beyond the project team.<\/p>\n\n\n\n<p>If, for example, a potential customer asks for a one-time discount, the positive risk of gaining the business may be escalated to the company owner to decide if the sale is worth it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:16px\"><strong>Exploit Risk<\/strong><\/h3>\n\n\n\n<p>PMI defines the positive risk response of exploit as \u201c\u2026ensuring that an opportunity occurs\u201d. In these instances, the project manager may delay, avoid, or activate specific project activities to increase the probability of a risk occurring.<\/p>\n\n\n\n<p>For instance, to exploit the positive risk (opportunity) of early delivery of a project deliverable, an incentive (free lunch) is offered to the team to work overtime.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:16px\"><strong>Share Risk<\/strong><\/h3>\n\n\n\n<p><a href=\"https:\/\/project-management.fandom.com\/wiki\/Share_risk\" target=\"_blank\" rel=\"noreferrer noopener\">PMI defines sharing risk<\/a> as the allocation of the \u201c\u2026ownership of an opportunity to a third party who is best able to capture the benefit for the project.\u201d Tapping into a partner to share the risk is a strategy to increase the possibility that the positive risk occurs to everyone\u2019s benefit.<\/p>\n\n\n\n<p>If a manufacturer provides a part to help you meet new customer requirements, you may share the risk of internal costs so that you both benefit from increased sales.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:16px\"><strong>Enhance Risk<\/strong><\/h3>\n\n\n\n<p>The opposite of eliminating risk, enhancement increases the possibility of occurrence. PMI defines enhance risk as the work to \u201c\u2026increase the probability of occurrence or impact.\u201d<\/p>\n\n\n\n<p>Consider a government-funded project example. If a vendor knows that certification will increase their preferred status, they may obtain it to enhance the opportunity of being selected for more government contracts.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:16px\"><strong>Accept Risk<\/strong><\/h3>\n\n\n\n<p>The accept response applies to negative and positive risks. PMI defines accept risk as when no action is taken. The company\u2019s tolerance level for risk influences the use of the accept risk response strategy.<\/p>\n\n\n\n<p>Returning to our vendor seeking government contracts, if a lack of certification means the risk of not winning projects with dangerous and <a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/intro-to-cost-risk\/\" target=\"_blank\" rel=\"noreferrer noopener\">costly materials handling requirements<\/a>, the company may accept it to save safety protocol costs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"avoid-vs-mitigate\"><strong>PMP Risk Response Strategies: Avoid vs. Mitigate<\/strong><\/h2>\n\n\n\n<p>To understand the difference between avoiding and mitigating risk responses, let\u2019s use the example of the risks of taking the PMP exam. You must manage the risk of being late to take the PMP exam to prevent disqualification.<\/p>\n\n\n\n<p>First, you look at how to avoid the risk of being late to take the PMP exam:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>you never submit your PMP application to avoid being late for the PMP exam session because you never sign up for it.<\/li><li>you book a hotel room within walking distance to the exam center the night before you are scheduled to take the PMP exam to avoid risks associated with transportation.<\/li><\/ul>\n\n\n\n<p>Your risk response could be to remove and mitigate the possibility of being late to take the PMP exam. Remember, <a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/intro-to-types-of-risk\/\" target=\"_blank\" rel=\"noreferrer noopener\">residual risks may be present<\/a> with this strategy. Consider these responses:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>you take the exam virtually to avoid transportation issues (late bus, dead car battery, etc.)<\/li><li>additionally, you hire a pet sitter to prevent distractions during the time you are taking the exam at home<\/li><\/ul>\n\n\n\n<p>The negative risk is being late to the PMP exam session. Responses include avoid (risk removed) and mitigation (residual risk reduced). A combination of risk responses may be the strongest course of action.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"takeaways\"><strong>PMP Risk Mitigation Strategies: Takeaways<\/strong><\/h2>\n\n\n\n<p>PMP credential holders use different risk response strategies, including risk avoidance, mitigating risk, or escalating risks to an authority outside the project team to achieve the desired results. For every project, the Project Manager works with the team to plan and activate appropriate risk responses. Commitment to using these risk response strategies, such as risk mitigation, can benefit your projects.<\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<p style=\"font-size:25px\"><strong>Upcoming PMP Certification Training &#8211; Live &amp; Online Classes<\/strong><\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><table class=\"table table-striped table-bordered table-responsive-sm font-md mt-5 mb-0 d-none d-md-table\"><tr><td>Name<\/td><td>Date<\/td><td>Place<\/td><td><\/td><\/tr><\/table>\n<\/div><\/div>\n\n\n\n<p><\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>To earn a Project Management Institute (PMI) certification, project managers must know risk response strategies for mitigation, avoidance, transfer, exploitation, enhancement, sharing, and acceptance. All projects have risks; thus, project managers must plan risk responses to ensure positive project outcomes. On this page: What is Risk Mitigation PMP or Mitigate Risk PMP? PMP Risk Mitigation [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6934,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[10],"tags":[],"class_list":["post-6930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-risk-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PMP Exam Strategies for Risk Response: Mitigate Risk, Avoid, or Transfer<\/title>\n<meta name=\"description\" content=\"Looking for some tips to ace your PMP exam? 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