Start practice test
Back to Risk Management
Guide to Risk Response Strategies

Risk Response Strategies, as outlined in the PMBOK Guide Seventh Edition, are crucial components of any Project Management Professional (PMP) exam.

Importance: It's significant because it helps in devising effective measures to tackle project risks, therefore enhancing project success rate.

What it is: Risk Response Strategies refer to the potential plan of action that a project manager might take when a certain project risk event occurs.

How it works: There are mainly four types of risk response strategies - Avoid, Transfer, Mitigate, and Accept. Avoid strategy is employed to eliminate the risk causing circumstances. Transfer strategy is used to shift the impact of risk to a third party. Mitigate strategy is adopted to lessen the impact or probability of a risk. The Accept strategy is chosen when the project team decides to acknowledge the risk and not to take any action unless the risk occurs.

How to answer questions on Risk Response Strategies in an exam: Understand the risks given in the question, identify the type of risk response strategy used, and justify why this strategy is the most suitable one. Answering these questions often requires careful reading of the context.

Exam Tips: Answering Questions on Risk Response Strategies: 1. Familiarize yourself with every type of risk response strategy. 2. Practice situational questions as they are common in the PMP exam. 3. Understand the context of the question before choosing the risk response strategy. 4. Remember, the correct answer is usually the most effective method for reducing or coping with risk.

Go Premium

Project Management Professional Preparation Package (2024)

  • Earn 35 PDUs needed for your PMP certification
  • 10928 Superior-grade Project Management Professional practice questions.
  • Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
  • Unlock Effortless PMP preparation: 5 full exams.
  • 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
  • Bonus: If you upgrade now you get upgraded access to all courses
  • Risk-Free Decision: Start with a 7-day free trial - get premium features at no cost!
Risk Response Strategies practice test

Risk Response Strategies are the actions, practices, or methodologies aimed at addressing the uncertainty associated with identified risks. These strategies help in reducing the probability and/or impact of negative risks and enhancing the probability and/or impact of positive risks. There are four primary strategies for negative risks: Avoid (eliminating the threat by changing the project plan), Transfer (shifting the risk to another party), Mitigate (reducing the probability or impact of the risk), and Accept (implementing a contingency plan if the risk occurs). For positive risks, the strategies are Exploit (ensuring the opportunity occurs), Share (allocating risk ownership to other parties), Enhance (increasing the probability or impact of the opportunity), and Accept (realizing the potential benefits if the opportunity occurs). Selecting appropriate risk response strategies is crucial for project success and effective risk management.

Time: 5 minutes   Questions: 5

Test mode:
Start practice test

Practice more Risk Response Strategies questions

More Risk Response Strategies questions
25 questions (total)
Start 25 question test
Go Premium

Project Management Professional Preparation Package (2024)

  • Earn 35 PDUs needed for your PMP certification
  • 10928 Superior-grade Project Management Professional practice questions.
  • Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
  • Unlock Effortless PMP preparation: 5 full exams.
  • 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
  • Bonus: If you upgrade now you get upgraded access to all courses
  • Risk-Free Decision: Start with a 7-day free trial - get premium features at no cost!