Negative Risk Response Plan

1. Identify the four negative and positive risk response plans, and give an example of each. You must indicate in your answer what makes the risk positive or negative.

Negative risk refers to those activities that lead to undesirable consequences in a given project. Some of the strategies to deal with such risk include; avoid, mitigate, accept, and transfer the risk (Usmani, & Liang, 2017). Avoiding the risk means eliminating the impact of the risk on the project. For instance, one can move outdoor activities to a later date to avoid the effects of anticipated rain. Mitigating the risk means to reduce the probability of the risk happening or minimizing its impact. An example of risk mitigation would be to find a replacement for an employee

The plan details specific actions that relevant parties may consider to help identify, access, and the threats to the given project. Often, the risk management plan comes as a subsidiary of the main project management plan and specifically concerned about managing the risk within and without the project (Blyth, 2012). A risk management plan can be understood as a response plan for the project owners specifying how to act, once the risk

In this way, the plan contributes to managing potential threats that make it difficult to achieve project objectives and how to exploit the opportunities for better project performance. To make it more effective, the risk management plan includes specific roles and responsibilities team members assume towards handling the threats. Also, the plan also details the responses to be employed once the anticipated threats occur as well as the opportunities. The risk management plan is a course of action for the better management of project threats and exploitation of its