PMI-RMP Certification Risk Response Planning & Monitoring Flashcards

Which risk response strategy involves shifting the negative impact of a risk to a third party, such as through insurance?

Answer: Transfer

Transfer moves the financial or operational consequence of a threat to a third party, such as through insurance, warranties, or subcontracting.

What is a contingency plan in risk response planning?

Answer: A pre-defined action to take if a specific risk occurs

A contingency plan is a documented, pre-approved set of actions to implement if a specific identified risk triggers.

Which response strategy is appropriate for a positive risk (opportunity) to ensure it definitely occurs?

Answer: Exploit

Exploit is an opportunity response strategy that eliminates uncertainty by making the opportunity definitely happen, such as assigning the best resources to it.

What is a residual risk?

Answer: A risk that remains after a response has been implemented

Residual risks are the remaining exposure after risk responses have been applied, requiring ongoing monitoring.

What is a secondary risk?

Answer: A new risk that arises as a direct result of implementing a risk response

Secondary risks emerge as unintended consequences of applying a risk response, and they must also be identified and managed.

Which risk response for threats reduces the probability or impact of a risk to an acceptable threshold?

Answer: Mitigate

Mitigation reduces the likelihood or consequence of a threat to an acceptable level rather than eliminating it entirely.