Accept

The acceptance strategy is used when you aren't able to eliminate all the threats on the project. Acceptance of a risk event is a strategy that can be used for risks that pose either threats or opportunities to the project. Passive acceptance is a strategy that means you won't make any plans to try to avoid or mitigate the risk. You're willing to accept the consequences of the risk should it occur. Acceptance might also mean the project team was unable to come up with an adequate response strategy and must accept the risk and its consequences. Active acceptance might include developing contingency reserves to deal with risks should they occur. (You'll look at contingency reserves in the next section.)

Let's revisit the road trip example. You could plan the trip using the original route and just accept the risk of running into construction. If you get to that point and you're delayed, you'll just accept it. This is passive acceptance. You could also go ahead and make plans to take an alternate route but not enact those plans until you actually reach the construction and know for certain that it is going to impede your progress. This is active acceptance and might involve developing a contingency plan.

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Project Management Made Easy

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