Project risk response options - 1
As we noted in Issacon #1105, you can adopt various strategies, e.g.
Acceptance (passive)
- Recognize a risk event but take no action
- If it appears to be of minimal consequence
- Retain it and absorb it
- By an appropriate reserve allowance
- For both time and money
Acceptance (active)
- Retain it
- With a well-thought-out contingent or fallback plan
- Making sure you have triggers to activate the plan