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Risk Responses Strategies Difference between PMBOK 5 and 6

2,785 views · Published 5 July 2018 · 6:35 · Indexed 31 October 2026

Channel: iZenBridge Consultancy Pvt Ltd. · 2018 · Education

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Risk Responses Strategies
Overall project risk- Difference between PMBOK 5 and 6

In the previous version of PMBOK, we were looking at individual risks impacting the project and the project objectives. But in PMBOK Sixth edition we have started looking at overall project risks. The individual risks may or may not have an inter-relationship but the impact as a whole on the project needs to be addressed altogether. The approach of handling overall project risk is different from that of discriminant risk. 
Avoid: When the level of overall project risk is significantly negative and is not within the agreed-upon risk thresholds for the project, an avoid strategy may be adopted.  In case it is not possible to bring the project back within the thresholds, you decide to cancel it. This represents the most extreme degree of risk avoidance and it should only be used in case the overall level of threat is unacceptable. 
Exploit: In case of a very good Opportunity which you don’t miss, you apply all your effort to exploit it by way of prioritization of work. You start taking focused action to capture the positive effect and your entire project management plan starts reflecting the same.
Transfer/Share: If the organization is unable to handle a particular project effectively, you transfer the whole project to a vendor. Share strategy is explained with an example, there is an opportunity, which you want to grab and there are a large number of competitors. You can win the contract only with strong marketing and development skills. Marketing is your weakness, so you need to share this opportunity with a Marketing Expert.
Mitigate/Enhance: The mitigation strategy is used when the overall project risk is negative, and in case of positive risk you apply enhancement strategy.
Accept: Where no proactive risk response strategy is possible to address the overall project risk, we use this risk response strategy.

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