Risk Response Strategies – Enhance
We have already discussed and understood different Risk Response Strategies. We also have seen the risk response strategies are categorized into Positive and Negative risk response strategies.
Negative risks will impact negatively on Project objectives where as positive risk response strategies are welcome and they will have a good impact on project if executed properly.
What is Risk Response Strategy – Enhance?
Enhance falls under positive risk response strategy. In this case the objective is to enhance or increase the chance of occurrence of the risk for maximum benefit realization.
Let’s see an example.
A software project which was supposed to be completed after 5 months as per schedule, sudden change in customer policy they would like to bring the product launch date 2 months advance to take a better market share. Customer would like to give monetary reward for early completion. There is a benefit if the project can be completed early using fast tracking and crashing method, which is not only the monetary benefit but also good recommendation from customer may help in getting more projects.