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In a project, several risk response strategies may be used to effectively manage project risks. The strategy or mix of strategies should be determined when planning for risk responses. Which of the following statements best describes an Accept risk response strategy for negative risks or threats?
A. Adopting less complex processes
B. Purchasing insurance
C. Establishing Contingency Reserves
D. Extending the schedule
HINT: A risk acceptance strategy is adopted when it is impossible to eliminate all threats from a project. One of the answer choices is performed in the early stages of planning.
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Answer and Explanation:
The correct answer is C.
The most common risk acceptance strategy is to establish contingency reserves, which is normally performed in the planning phase of a project.
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