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To take action that will eliminate the risk in entirety. Depending upon the circumstances, you need to change project scope, modify project plans, and project budget hire additional resources, or you can find different technical solutions.
Accepting risk means that it is of a lower level matrix and you can decide to monitor for some action instead of spending resources trying to avoid it.
Yes, you are write and if you accept risk there is no need to strugle to stop it; rather just continue in your activity and monitor what will happen.
Risk Acceptance or Risk Retention is one of the strategies of dealing with risks. Acceptance means that we accept the identified risk. We will not take any action because we can accept its impact and probability - we simply risk it.
If we accept the risk, we have to think resourcefully for the risk. And we make sure that we don't need to spend resources of the risk and we must monitor that risk very well.
@khawmpi18 ,thank you for this thoughtful response.
@tesfaye596 ,thanks for your answer.What must a Project Manager do in cases where the impact of project risk is severe?
There are various ways of responding to risk in project management. One of this is accepting the risk. In this situation, the risk may be inevitable but not large enough to be worried about. When the risk level matrix is drawn, the risk may score very low point, the best action for the project manager to take is to accept it. In this case, the manager will carefully monitor the situation but will not spend additional resources to respond to it. An example to this is that, caterer may arrive late for feeding training participants. In this case, late arrival of the caterer will not adversely affect the delivery of the training.
Hi FETGERA,
Thanks for your submission. However, i do not think accepting risk means "taking action that will eliminate the risk in entirety" my understanding of accepting a risk is to decide to take no action in terms of spending resources to mitigate it. Rather, just monitor the risk since it will not have a big negative impact on the delivery of the project. This is my thought. but can you shed more light please.
@atukur ,your thoughtful answer is highly appreciated.
@fetgera ,your point of view is highly appreciated.