Question

During risk management activities, 236 risks have been identified which are caused by 13 root causes. You could eliminate 234 risks by your risk management activities. For the remaining 2 risks, you, together with your team, could not find a way to mitigate or insure the risks. Also these 2 risks cannot be outsourced or removed from the project scope. What is the best solution?

a. Transfer the risk
b. Mitigate the risk
c. Avoid the risk
d. Accept the risk

Answer 1

Answer: (D) Accept the risk

Explanation:

 According to the given question, the one of the best solution is to accept the risk as the 2 given risks in the project cannot be removed or also outsourced from the given project scope.

Accepting the risk is one of the risk retention process in which we sometimes cannot avoid the given risk in the risk management and it is commonly found in the various types of investment process and also in the business.

 On the basis of the given scenario, we could not eliminate the two risks in the project so the best solution is to using the risk acknowledgement due to some limitations. Therefore, Option (D) is correct answer.