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PK0-004 · Question #19

Which of the following describes risk mitigation?

The correct answer is B. The understanding of the risk with a detailed explanation of how the project intends to. Risk mitigation is the risk response strategy focused on reducing the probability or impact of a threat by planning specific actions to address it. It differs from other strategies by keeping ownership of the risk within the project.

Project management concepts

Question

Which of the following describes risk mitigation?

Options

  • AThe transfer of the risk to another entity or project inside or outside the organization, along
  • BThe understanding of the risk with a detailed explanation of how the project intends to
  • CThe quantification of the risk in terms of how much the risk could potentially cost the project
  • DThe weighting or prioritization of the risk against all other identified risks within this project or

How the community answered

(24 responses)
  • A
    8% (2)
  • B
    88% (21)
  • D
    4% (1)

Why each option

Risk mitigation is the risk response strategy focused on reducing the probability or impact of a threat by planning specific actions to address it. It differs from other strategies by keeping ownership of the risk within the project.

AThe transfer of the risk to another entity or project inside or outside the organization, along

Transferring a risk to another entity describes the risk transference strategy, which shifts financial or operational responsibility for the risk rather than reducing it.

BThe understanding of the risk with a detailed explanation of how the project intends toCorrect

Risk mitigation involves thoroughly understanding an identified risk and documenting a detailed plan explaining how the project intends to reduce its likelihood or impact, keeping the risk managed internally rather than avoided or transferred.

CThe quantification of the risk in terms of how much the risk could potentially cost the project

Quantifying a risk in monetary terms describes risk quantification or quantitative risk analysis, which is an assessment activity performed before selecting a response strategy.

DThe weighting or prioritization of the risk against all other identified risks within this project or

Weighting or prioritizing risks relative to other project risks describes qualitative risk analysis or risk ranking, a step in the risk assessment process rather than a response strategy.

Concept tested: Risk mitigation as a risk response strategy

Source: https://www.pmi.org/learning/library/risk-response-strategies-minimize-project-threats-8851

Topics

#risk mitigation#risk response#risk management#risk strategies

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