PLAN RISK RESPONSE TOOLS & TECHNIQUES

1. The strategies for handling negative and positive risks are the tools and techniques for the Risk Response Planning process

Positive Risks:

Exploit - You take steps to take advantage of an opportunity
Share - You call in another company or individual to share the benefits with you
Enhance - You make the opportunity more likely to occur by influencing its triggers
Accept - No need to do anything extra. Just accept the opportunity!

Negative Risks:

Avoid - To completely prevent a risk from happening
Transfer - To pay someone else to accept the risk for you - usually via insurance
Mitigate - Taking steps to reduce the damage to your project - for example, breaking your fall by placing an object below the cliff
Accept - You let the risk happen when the above 3 options are not possible. You understand the impact and are willing to let it happen

2. Contingent Response Strategies: Some responses are designed for use only if certain events occur. For some risks, it is appropriate for the project team to make a response plan that will only be executed under certain predefined conditions
3. Expert Judgment

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Risk Management Knowledge Area Highlights