A project team is reviewing the deliverables and identifies a deliverable no one on the team has experience with. The lack of expertise is identified as a risk. The project manager decides, as a worka

Risk transference involves shifting the responsibility and impact of a risk to a third party, making them accountable for managing it. Contracting with a third party to handle a deliverable for which the internal team lacks expertise is a direct example of transferring this risk.

Avoidance would mean changing the project plan to eliminate the deliverable or the need for that specific expertise, not hiring someone else to do it.

Monitor and Prepare implies developing contingency plans or strategies to monitor the risk without shifting its ownership or impact to a third party.

Acceptance would mean acknowledging the lack of expertise and either passively accepting the consequences or actively planning for them without contracting it out.