Negative Risk Response Strategies
- Avoidance - The project plan is altered to avoid the identified risk.
- Mitigation - Effort is made to reduce the probability, impact, or both of an identified risk in the project before the risk event occurs.
- Transference - The risk is assigned to a third party, usually for a fee. The risk still exists, but the responsibility is deflected to the third party.
Positive Risk Response Strategies
Tools and Techniques for Risk Response Planning; it’s important to know how to handle both positive and negative risk.
- Exploit - Used in conjunction with positive impacts where the host organization wants to ensure the positive risk definitely happens.
- Share - 3rd party partnerships that include forming risk-sharing partnerships, teams, special-purpose companies, or joint ventures, which can be established with the express purpose of managing opportunities.
- Enhance - Seeks to facilitate or strengthen the cause of the opportunity, and proactively targeting and reinforcing its trigger conditions, to potentially increase probability.
