The following PMP® exam sample question is taken from the Free PMP Exam Simulator at http://free.pm-exam-simulator.com – The answer is at the very bottom:
In a project, several risk response strategies are used to effectively manage project risks. The strategy or mix of strategies should be used when planning for risk responses. Which of the following statements best describes an ‘accept’ strategy for negative risks or threats?
A.) Adopting less complex processes is an accept strategy.
B.) Use of insurance is part of an accept strategy.
C.) Using contingency reserve is part of accept strategy.
D.) Extending schedule is part of an accept strategy.
Hint: A risk acceptance strategy is adopted because it is seldom possible to eliminate all threats from a project. One of the risk acceptance strategies is performed in the early stages of planning. Find the option which is performed during planning.
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ANSWER AND EXPLANATION:
The correct answer is C
Explanation: The most common risk acceptance strategy in a project is to establish contingency reserves.
Reference: PMBOK4 – pg:304
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