What basic responses exist for project risks?
Three basic approaches exist to resolve projects threats and opportunities. These approaches should be customized for each risk.
The following basic responses exist for project threats:
- Avoid risk: take action to avoid a risk completely.
- Decrease risk: implement responses to reduce the chance of occurrence or the effects of a risk.
- Accept risk: consciously do nothing because of the nature of the risk or the available risk responses.
The following basic responses exist for project opportunities:
- Create opportunities: take action to increase the chance that project opportunities occur.
- Increase opportunities: take measures to increase the chances of opportunity success or to enhance the effects of opportunities.
- Ignore opportunities: consciously do nothing, because the benefits of an opportunity are too small or an opportunity is too difficult to realize.
