Summary of Response Options for Risks and Opportunities
|Type of Response||Use for Risk or Opportunity||Description|
|Risk||Eliminate risk by accepting another alternative, changing the design, or changing a requirement. Can affect the probability and/or impact.|
|Mitigation(Control)||Risk||Reduce probability and/or impact through active measures.|
|Transfer||Risk||Reduce probability and/or impact by transferring ownership of all or part of the risk to another party, use of insurance and warranties, by redesign across hardware/software or other interfaces, etc.|
|Exploit||Opportunity||Take advantage of opportunities.|
|Share||Opportunity||Share with another party who can increase the probability and/or impact of opportunities.|
|Enhance||Opportunity||Increase probability and/or impact of opportunity.|
|Acceptance||Risk and Opportunity||Assume the associated level of risk or opportunity without engaging in any special efforts to control it. Budget, schedule, and other resources must be held in reserve in case the risk or opportunity is selected.|
Source: Project Management: A Systems Approach to Planning, Scheduling, and Controlling.
by Harold R Kerzner.