Let's learn about the tools and techniques used in plan risk response process as per PMI PMP PMBOK standard.
First let's look into the strategies for handling negative risks or threats as per PMP.
- Avoid
Risk avoidance is a risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact.
examples are ,extending the schedule, changing the strategy, or reducing scope
- Transfer
Risk transference is a risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response.
examples are ,insurance,warranties, guarantees
- Mitigate
Risk mitigation is a risk response strategy whereby the project team acts to reduce the probability of occurrence or impact of a risk.
examples are ,designing redundancy into a system may reduce the impact from a failure
- Accept
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.
examples are , establishing contingency reserve

So far we have seen the strategies for handling negative risks. Now let's learn see the strategies for handling positive risks or opportunities as per PMP.
- Exploit
The exploit strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized
- 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
- Enhance
The enhance strategy is used to increase the probability and or the positive impacts of an opportunity.
- Accept
Accepting an opportunity is being willing to take advantage of the opportunity if it arises but not actively pursuing it.

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