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The video starts with Risk Response Strategies for Opportunities.
When we talk about the risk, it is positive as well as negative. We follow the same risk management process for Opportunities; we record them in the risk register, just like we record Threats.
We look into how we decrease the probabilities of these threats, but in Opportunities, it is exactly the opposite, we explore how we can increase the possibilities of its occurrence.
How can we maximize the positive impact this Opportunity may bring on the project.
Risk Response Strategies are:
Escalate, Exploit, Share, Enhance & Accept
Escalate and Accept are common in both Threats & Opportunities.
Escalate: It is a great thing, but as a project manager it's beyond my influence area, and I hardly can do anything about it. This is something that has the potential of increasing project value or project impact, but beyond your influence area, so you inform it to top management.
Now the ownership is no more with the project team as you have escalated it.
Exploit: It is the exact opposite of Avoid. So its all about making the opportunity to realize, what can I do to make it a reality. If you see some benefit or Opportunity, definitely you want to exploit and make it happen. You must put all your attention to make it happen. That's what a response strategy which says Exploit, let's do it.
Share: Share is like I cannot do it alone, can I collaborate it with someone and then we can share the fruits of it. It's like, you are designing one part of a car. Another team is designing another part. Both the teams are working on some internet functionality, a common component that gives a great experience to your driver while driving.
When you can't Exploit it, you go for "Share."
Enhance: Looking at an Opportunity and you are doing some pro-active actions so that the probability of that becomes a reality. You can look at it as the opposite of mitigating. In case of threats mitigate we were making a reduction in Probabilities & reduction in the impact that was the response strategy. Here in the case of Enhance, the approach is: there is a probability of getting this thing done.
What can I do to make it happen that this becomes a reality?
ACCEPT: Not doing anything about it, just at the opportunity think if it happens, it's good if it doesn't happen, also good.
Active Acceptance: In the case of active acceptance you do have something in mind, if this will happen, we will use it here.
Passive Acceptance: In the case of passive acceptance, you are not doing anything about it; you are just going with your project schedule & the rest of your project management things keep ongoing.
Acknowledge this thing can happen; I am not doing anything about it.
Risk Response strategy is not a one-time decision. Don't think like I saw an opportunity if I ACCEPT I won't do anything about it throughout the project life cycle. It's not like that; these things may keep changing; it may happen at the beginning of the project. You look at the opportunity the impact was not that significant, but later on, you realize it, and then you may change the risk response strategy from one to another. From ACCEPT to EXPLOIT or vice versa.
The idea is these response strategies are not fixed; and are decided just at a given point of time.
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The Project Management Professional (PMP), PMBOK, The Agile Certified Practitioner (PMI-ACP), and The Professional in Business Analysis (PMI-PBA) is a registered mark of the Project Management Institute, Inc.
PMBOK is a registered mark of the Project Management Institute, Inc.
Materials in this video are based on the text, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Sixth Edition, Project Management Institute Inc., 2017.
The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.