Schedule Risk Response Strategies

Correct Answer: Contingency Response Planning

Contingency Response Planning is the correct strategy in this scenario. This approach involves: 1. Creating backup plans and alternative schedules for potential supplier delays 2. Identifying backup delivery options and alternative suppliers 3. Developing specific response actions that can be implemented if risks occur 4. Setting trigger points for when to activate these alternative plans The other options are incorrect because: Enhanced Schedule Buffer Implementation focuses only on adding time buffers, which is too narrow an approach for handling supplier delays. Schedule Variance Mitigation Through Multiple Path Analysis focuses on analyzing different schedule paths but does not address the need for specific backup delivery options. Sequential Activity Compression and Fast-tracking Method deals with shortening the schedule duration by adjusting activity relationships, which does not address the core issue of supplier delays.

Correct Answer: Mitigation strategy to minimize risks through preventive controls

A mitigation strategy is the most appropriate response for reducing both probability and impact of negative schedule risks through proactive actions. Mitigation involves implementing specific controls and preventive measures to reduce the likelihood and impact of schedule risks before they occur. This proactive approach is exactly what the question is asking for. The other options are incorrect because: Enhancement strategy focuses on maximizing positive opportunities rather than dealing with negative risks. Transference strategy moves the responsibility of risk to a third party but does not necessarily reduce the probability or impact of the risk itself. Avoidance strategy aims to completely eliminate threats by changing plans, which is often more extreme and not always practical for schedule risks that need to be managed rather than eliminated.

Correct Answer: Active acceptance with contingency reserve

Active acceptance with contingency reserve is the correct strategy when dealing with schedule risks that cannot be avoided or mitigated further. This approach involves: 1. Acknowledging the schedule risk exists 2. Creating a contingency reserve to handle potential impacts 3. Actively monitoring the situation 4. Having a plan ready if the risk materializes The other options are incorrect because: - Passive monitoring suggests an inactive approach, which is not recommended for risk management - Enhanced tracking with schedule compression doesn't address the acceptance aspect of the risk - Preventive action planning focuses on avoiding risks rather than accepting them Active acceptance is specifically mentioned in the PMBOK Guide as a valid risk response strategy when the organization chooses to acknowledge the risk and be prepared for it, while maintaining proper reserves and monitoring protocols.