a. Risk avoidance Answer: Risk transference This preview shows page 73 - 75 out of 115 pages. 23._____ involves shifting the consequence of a risk and responsibility for its management to a third party.a.Risk avoidancec.Risk transferenceb.Risk acceptanced.Risk mitigationANS: CRisk transference involves shifting the consequence of a risk and responsibility for its management to athird party.PTS:1DIF:Difficulty: ModerateREF:p.467OBJ:LO:11-7NAT:BUSPROG: TechnologyTOP:Planning Risk ResponsesKEY:Bloom's: Knowledge24._____ involves reducing the impact of a risk event by reducing the probability of its occurrence.a.Risk avoidancec.Risk transferenceb.Risk acceptanced.Risk mitigationANS: DRisk mitigation involves reducing the impact of a risk event by reducing the probability of its occurrence.PTS:1DIF:Difficulty: ModerateREF:p.467OBJ:LO:11-7NAT:BUSPROG: TechnologyTOP:Planning Risk ResponsesKEY:Bloom's: Knowledge25._____ involves doing whatever you can to make sure the positive risk happens.a.Risk exploitationc.Risk enhancementb.Risk sharingd.Risk acceptanceANS: ARisk exploitation involves doing whatever you can to make sure the positive risk happens. PTS:1DIF:Difficulty: ModerateREF:p.468OBJ:LO:11-7NAT:BUSPROG: TechnologyTOP:Planning Risk ResponsesKEY:Bloom's: Knowledge26._____ involves allocating ownership of the risk to another party.a.Risk exploitationc.Risk enhancementb.Risk sharingd.Risk acceptanceANS: BRisk sharing involves allocating ownership of the risk to another party.PTS:1DIF:Difficulty: ModerateREF:p.468OBJ:LO:11-7NAT:BUSPROG: TechnologyTOP:Planning Risk ResponsesKEY:Bloom's: Knowledge27._____ involves changing the size of the opportunity by identifying and maximizing key drivers of thepositive risk.a.Risk exploitationc.Risk enhancementb.Risk sharingd.Risk acceptanceANS: CRisk enhancement involves changing the size of the opportunity by identifying and maximizing keydrivers of the positive risk.PTS:1DIF:Difficulty: ModerateREF:p.468OBJ:LO:11-7NAT:BUSPROG: TechnologyTOP:Planning Risk ResponsesKEY:Bloom's: Knowledge28._____ applies to positive risks when the project team cannot or chooses not to take any actions toward arisk.a.Risk enhancementc.Risk sharingb.Risk acceptanced.Risk exploitationANS: BRisk acceptance applies to positive risks when the project team cannot or chooses not to take any actionstoward a risk.PTS:1DIF:Difficulty: ModerateREF:p.468OBJ:LO:11-7NAT:BUSPROG: TechnologyTOP:Planning Risk ResponsesKEY:Bloom's: Knowledge Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 115 pages? Upload your study docs or become a Course Hero member to access this document Which action involves shifting the consequences of a risk and responsibility for its management to a third party?Risk transfer is a common risk management technique where the potential loss from an adverse outcome faced by an individual or entity is shifted to a third party.
Which action involves allocating ownership of the risk to another party?Share: Sharing a positive risk involves allocating some or all of the ownership of the opportunity to a third party who is best able to capture the opportunity for the benefit of the project.
Which action involves allocating ownership of the risk to another party quizlet?Risk sharing involves allocating ownership of the risk to another party. _____ involves changing the size of the opportunity by identifying and maximizing key drivers of the positive risk.
Which action involves reducing the impact of a risk event by reducing the probability of its occurrence?Mitigate. Mitigation reduces the probability of occurrence of a risk or minimizes the impact of the risk within acceptable limits.
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Which action involves shifting the consequence of risk and responsibility for its management to a third party?
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