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11 - PROJECT RISK MANAGEMENT

• Enhance. The enhance strategy is used to increase the probability and/or the positive impacts of an
opportunity. Identifying and maximizing key drivers of these positive-impact risks may increase the
probability of their occurrence. Examples of enhancing opportunities include adding more resources to
an activity to finish early.
• Share. Sharing a positive risk involves allocating some or all of the ownership of the opportunity to a
third party who is best able to capture the opportunity for the benefit of the project. Examples of sharing
actions include forming risk-sharing partnerships, teams, special-purpose companies, or joint ventures,
which can be established with the express purpose of taking advantage of the opportunity so that all
parties gain from their actions.

• Accept. Accepting an opportunity is being willing to take advantage of the opportunity if it arises, but
not actively pursuing it.

11.5.2.3 contingent response Strategies

Some responses are designed for use only if certain events occur. For some risks, it is appropriate for
the project team to make a response plan that will only be executed under certain predefined conditions, if
it is believed that there will be sufficient warning to implement the plan. Events that trigger the contingency
response, such as missing intermediate milestones or gaining higher priority with a supplier, should be defined
and tracked. Risk responses identified using this technique are often called contingency plans or fallback plans
and include identified triggering events that set the plans in effect.

11.5.2.4 Expert Judgment

Expert judgment is input from knowledgeable parties pertaining to the actions to be taken on a specific and
defined risk. Expertise may be provided by any group or person with specialized education, knowledge, skill,
experience, or training in establishing risk responses.

11.5.3 Plan risk responses: outputs

11.5.3.1 Project Management Plan updates

Elements of the project management plan that may be updated as a result of carrying out this process include,
but are not limited to:

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