Risk Repsonse Strategies: Positive Risks Part II
In last week’s blog post, we talked about negative risk response strategies. This week, we will examine the opposite end of the spectrum: response strategies for positive risks. When your project comes in contact with a positive risk, it can end up having a positive effect on the outcome of your project, therefore, you want to make them more probable. The following strategies, as listed in the PMBOK® Guide, will allow you to improve your chances with positive risks.
- Enhance – You have to improve the probability of the risk occurring. This can be considered the opposite of mitigation, one of the negative risk response strategies.
- Exploit – This is where the opportunity has to be understood and realized, so that you are indeed, able to take advantage of it when the time comes. Think of this as the opposition to the avoid risk response strategy.
- Accept – Here, you see the opportunity, but you choose not pursue it. This strategy can also be used to manage negative risks as well.
- Share – Maybe you aren’t able to recognize the potential positive risk on your own. Perhaps, if this is the case, you’ll choose to work together with another company to realize the opportunity.
In conclusion, the strategy you choose to use will be determined by the situation itself. Not quite sure of how you’d effectively take on positive risk strategy? Our skilled and experienced PMPs® are here to help! Whether you have no idea of how to approach either positive or negative risk response strategies or you have an idea but aren’t quite sure, the certified coaches at The Smart PMP® have the answers you need. Schedule your FREE 15-consultation today!