CAPM (Certified Associate in Project Management) Practice Exam

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What does the 'accept' strategy entail in risk management?

Taking no action as part of the planning process
Shifting all or some of the risk to a third party
Changing the project management plan to eliminate the threat
Reducing the probability and/or impact of an adverse risk event

The correct answer is: Taking no action as part of the planning process

The 'accept' strategy in risk management involves acknowledging the likelihood of a risk occurring and its potential impact, and choosing not to take any action to mitigate or eliminate it as part of the planning process. This approach may be used when the risk is seen as acceptable or when the cost of addressing the risk outweighs the potential impact. Option B, shifting the risk to a third party, would be considered the 'transfer' strategy. Option C, changing the project management plan, would be considered the 'mitigate' strategy. And option D, reducing the probability and/or impact of a risk event, would be considered the 'avoid' strategy. All of these other options involve taking some form of action to manage or eliminate a risk.