Abstract
Development and Selection of Risk Response Strategy in Projects: An Analysis of Recent Literature
Highlights
A global consensus has been reached on the generic strategies that apply to project management, most of them taking over the classification proposed by the Project Management Institute (PMI) in the 11th chapter of PMBOK Guide
In order to collect the research papers for the review, a rigorous search was carried out using the Web of Science database
Research Method analytical literature review case study interview survey other Total Source: authors calculation based on Web of Science data
Summary
The development of risk response strategies is a distinct stage in the risk management process in projects and has different names from one methodology/standard to another. According to Project Management Institute (PMI, 2017), developing and selection of risk response strategies are carried out in two processes, respectively: plan risk responses and implement risk responses. A global consensus has been reached on the generic strategies that apply to project management, most of them taking over the classification proposed by the Project Management Institute (PMI) in the 11th chapter of PMBOK Guide. According to PMI (2017), risk can be negative, and positive. There are four possible strategies: avoid, transfer, mitigate and accept for negative risks and exploit, enhance, share and accept for positive risk
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