Accept (Risk Strategy)
Accept is a risk response strategy where the project team acknowledges a risk but takes no proactive action to address it. Acceptance can be passive (do nothing) or active (establish a contingency reserve or plan).
Explanation
Risk acceptance is appropriate when the risk has low probability or impact, when no cost-effective response is available, or when the risk cannot be addressed through other strategies. It is used for both threats and opportunities.
Passive acceptance requires no action other than documenting the risk and reviewing it periodically. The team deals with the risk if and when it occurs. Active acceptance involves establishing a contingency reserve (time or money) or developing a contingency plan that is triggered only if the risk event occurs.
For example, a team might passively accept the risk of minor weather delays on an outdoor event. For a more significant risk, they might actively accept by setting aside a contingency budget of $20,000 to cover potential weather-related costs. The contingency plan provides a predefined response without proactively preventing the risk.
Key Points
- •Acknowledges risk without proactive prevention
- •Passive acceptance: no action taken, deal with it if it occurs
- •Active acceptance: contingency reserve or contingency plan established
- •Appropriate for low-priority risks or when no cost-effective response exists
Exam Tip
Know the difference between active and passive acceptance. Active acceptance establishes a contingency reserve or plan; passive acceptance has no preplanned response.
Frequently Asked Questions
Related Topics
Risk Response Strategies for Threats
Risk response strategies for threats are the five approaches available to address negative risks: avoid, mitigate, transfer, accept, and escalate. Each strategy aims to reduce the probability, impact, or exposure of a threat.
Risk Response Strategies for Opportunities
Risk response strategies for opportunities are the five approaches used to address positive risks: exploit, enhance, share, accept, and escalate. Each strategy aims to increase the probability, impact, or both of a beneficial risk event.
Plan Risk Responses
Plan Risk Responses is the process of developing options, selecting strategies, and agreeing on actions to address overall project risk exposure and to treat individual project risks.
Workarounds
Workarounds are unplanned responses to risks that were not previously identified or to risks for which no planned response was adequate. They are developed in the moment when a risk event occurs without a contingency plan.
Test your knowledge
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