Oliver 75 - 26th Question

jyotimayank
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Oliver 75 - 26th Question

Postby jyotimayank Thu Apr 14, 2016 7:56 am

26. You want to perform active risk acceptance. What should you do?

A. Create contingency reserves in resources, money and time.
B. Develop a plan to minimize impact in case that an identified risk occurs.
C. Develop a plan to minimize the probability of occurrence for identified risks.
D. Make additional resources available to speed up the project.
Jyoti Gupta
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jyotimayank
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Re: Oliver 75 - 26th Question

Postby jyotimayank Fri Apr 15, 2016 12:13 pm

The correct answer is A.

Risk acceptance is a risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs.
In Passive acceptance project team decide to take care of risks as they occur. On the other hand, the active acceptance asks the team to establish the contingency reserve, including amounts of time, money, or resources to handle the risks as it occur.
As per PMBOK fifth edition
Contingency Reserve: Budget within the cost baseline or performance measurement baseline that is allocated for identified risks that are accepted and for which contingent or mitigating responses are developed.


Refer to Page 345 0f PMBOK® Guide 5th Edition

For more insight of this topic refer to the following video and blogs
Blogs
http://www.izenbridge.com/blog/continge ... t-reserve/

http://www.izenbridge.com/blog/what-is- ... threshold/
Video
http://www.izenbridge.com/videogallery/ ... zenbridge/
Jyoti Gupta
PMP Mentor & Coach

iZenbridge Consultancy Pvt Ltd

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