Practice Quiz

PMI PMP Project Management

Category - Risk Management

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What are the four options for dealing with a risk?
  1. Accept, mitigate, transfer and avoid
  2. Accept, insure, transfer and avoid
  3. Accept, mitigate, reduce and avoid
  4. Situation, task, action, result
  5. It’s a trick question – there are only three and they are transfer, mitigate and avoid.
Explanation
Answer: A - Accept, mitigate, transfer and avoid are the four acceptable ways of dealing with risk. Remember that mitigating and reducing are synonyms in risk management, and that insuring is a form of transferring risk.

Key takeaway: We want you to remember these four options and consider them each time you consider what to do with a risk. Our natural tendency is to avoid or mitigate, but sometimes that is just not possible.
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