in this video, we talk about risk response strategies in #PMP and project management in general. this video will help you understand which risk response will be effective and in which case.
Risk management involves strategies for addressing potential risks in a proactive or reactive manner. 🔒🚀
Proactive strategies:
Avoidance: Eliminate the risk by reducing its probability or impact, like lockdown during COVID-19. 🚫🦠
Exploitation: Maximize the benefits of a positive risk by increasing its probability and impact. 📈🌟
Mitigation: Decrease the probability or impact of a risk, as seen in COVID-19's phased response. 🛡️🔍
Transfer: Shift risk to a third party, often with insurance, requiring premium payment. 🔄💰
Escalation: Elevate the risk to higher management when it exceeds set limits. 📈🆙
Reactive strategies:
Acceptance: Respond to risks after they occur.
Active acceptance: Develop contingency plans to address risk triggers. 📜🚧
Passive acceptance: Treat risks as issues if they occur, no pre-made plans. 🤷♂️🔧
Risk management involves identifying, ranking, planning, and updating risk registers based on strategies. 📋🔄
The approach can be proactive or reactive, and secondary risks may emerge from implementation. 🔄🚧🆕
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What are the risk response strategies in PMP?
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Please watch: "What do you need to know about Quality in #PMP? | Tools of Quality | Mastery Series - Quality Ep#7"
• Mastering Quality: Everything You Nee...
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