CompTIA Project+ (PK0-005)Project Management ConceptsMedium
A project manager is developing a resource management plan for a new product launch. The project requires specialized technical skills that are in high demand and limited supply within the organization. Which of the following risk responses is most appropriate for addressing this resource constraint?
- AAvoidance
- BTransference
- CAcceptance
- DMitigation
Show answer & explanationAnswer & explanation
Correct answer: D. Mitigation
Mitigation involves taking steps to reduce the probability or impact of a risk. In this case, planning to address a resource constraint (e.g., training existing staff, hiring contractors) aims to reduce the negative impact of the limited specialized skills.
Why the other options are wrong
- A. Avoidance means eliminating the risk by changing the project plan, which might not be feasible for essential specialized skills needed for the product launch.
- B. Transference means shifting the risk to a third party, which is not directly applicable to internal skill shortages unless outsourcing the entire task.
- C. Acceptance means doing nothing about the risk, which is not proactive for a known constraint.
Risk Mitigation
A risk response strategy aimed at reducing the probability or impact of a negative risk (threat) to an acceptable threshold.
- Proactive approach to manage threats.
- Involves actions to lower risk exposure.
- Can include training, adding resources, or process improvements.
Memory trick: Respond to risks by Avoiding, Transferring, Mitigating, or Accepting them.