You are the construction project manager of an important stadium which is going to be used for the Winter Olympics. The games start a month from now, and your project has faced some weather delays in pouring the concrete for the landscaping. You know that bad weather might affect the quality of the concrete, however since the deadline is closing you decide to not delay the project anymore and go ahead with the remaining concrete work. Which risk strategy are you undertaking?TransferExploitMitigateAccept
Question
You are the construction project manager of an important stadium which is going to be used for the Winter Olympics. The games start a month from now, and your project has faced some weather delays in pouring the concrete for the landscaping. You know that bad weather might affect the quality of the concrete, however since the deadline is closing you decide to not delay the project anymore and go ahead with the remaining concrete work. Which risk strategy are you undertaking?TransferExploitMitigateAccept
Solution
You are undertaking the "Accept" risk strategy. This strategy involves acknowledging the risk but not making immediate plans to deal with it, often because the potential impact is not severe enough to warrant the cost of mitigation. In this case, you are accepting the risk that the quality of the concrete might be affected by bad weather, because the potential delay in the project is a greater concern.
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