A risk has some probability and some impact – I’m sure you know that.
Now lets understand the risk responses in detail:
Accept – Do Nothing
Avoid – Select some other alternate path so that risk probability becomes ZERO.
Mitigate – Try and bring the probability and impact down to minimum acceptable range
Transfer – changing the ownership of risk. The risk probability and impact remain same.
Now in your scenario – just think again by given definition and respond as which response strategy did you select.
So what do you think of the Answer now?
Here is another piece of the puzzle (My answer – 2nd reply):
In your scenario – adding resources to be on time due to the risk of delay, you used MITIGATE as the risk response.
You reduced the probability of delay be some percentage by adding resources, but the probability is still not reduced to Zero (so avoid is out). The transfer is out since you did not outsource.
Accept is do nothing. You did something (so accept is also not the valid choice)
The only good choice to select here is Mitigate.
Hope this answers your confusion.
The Response :)
Yeah.. much better. I thought I was eliminating risk and thinking of AVOID. But I was only reducing the probability/impact by adding more guys in the team and was trying to reduce the risk.
Wish there was ‘bring a friend’ during PMP exams :)
Thanks again for the prompt reply.