Question

One risk to your schedule is that a hard drive with customized software fails and you lose the work that was done. Resources on the project team regularly back up their work so they can resume work quickly after a hard drive failure. What type of risk management strategy do backups represent?

1) Prevention
2) Mitigation
3) Acceptance
4) Transfer

Answer 1

Regular backups are a risk mitigation strategy in project management, reducing the impact of potential hard drive failures.

Step-by-step explanation:

The strategy that involves creating backups as a way to resume work quickly after a hard drive failure is known as mitigation. The backup strategy doesn't prevent the risk of hard drive failures but instead reduces the impact of such an event by ensuring that the work can be recovered. This aligns with the concept of asymmetric risk, where the consequence of not preparing for a low-probability event could be catastrophic, while the cost of preparing is relatively minor.