A project manager identifies a risk with low probability and negligible impact on the project. Addressing this risk would require resources that could be better utilized elsewhere. The project manager decides to acknowledge the risk but does not allocate any immediate resources to handle it. Which risk response strategy is the project manager using?
By acknowledging the low-impact risk without taking immediate action, the project manager is employing the acceptance risk response strategy. Accepting a risk involves recognizing its existence but choosing not to act upon it proactively due to its low significance or the cost of action outweighing the benefit.
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What does it mean to accept a risk in project management?
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What are some examples of risks that might be accepted?
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How does acceptance of risks differ from other risk response strategies like avoidance or mitigation?