Plan Risk Response Paper

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Risk is everywhere and in every action that occurs. Thus, there is always a chance that unforeseen circumstances may arise from any event. In relation to projects and operations, risk is an identifiable positive or negative consequence from an event, with a quantifiable probability (Bansal, 2014). Furthermore, the effects can translate into objectives relating to scope, schedule, cost, quality, and personal relationships (Bansal, 2014). The Project Management Institute (PMI) has multiple methods to respond to risks as they are happening, which are called plan risk responses (Bansal, 2014). To describe, the plan risk responses are avert, transfer, mitigate, accept, share, enhance, and exploit (Bansal, 2014). Moreover, businesses may want to accept, enhance, share, and exploit positive effects of risks. Conversely, businesses will choose to avert, transfer, mitigate, or accept risks with negative results. …show more content…
For example, if a business needs to avert a risk with a contractor, they may choose to not use that particular contractor altogether. Transferring risk occurs when a business choses to acquire insurance to place the risk onto another business. Next, some risks are apparent to the stakeholders, who are able to handle the effects, therefore, they may chose to mitigate the risk by providing more attention to the particular activity to reduce the potential impact. Accepting a risk occurs when the business choses to not do anything about the impending risk, and this may be a response to both positive and negative risks (Bansal,
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