A project manager is evaluating a critical risk that could significantly delay the project delivery and impact customer satisfaction. There is a moderate probability of this risk occurring, and its effects are not fully understood. Given the importance of customer satisfaction and schedule adherence, which risk response strategy should the project manager select?
Accept the risk and advise the customer about the potential delay.
Mitigate the risk by analyzing it further and implementing risk reduction measures to minimize the delay.
Transfer the risk by outsourcing the project component most likely to cause the delay.
Exploit the risk by accelerating other project tasks to compensate for the potential delay.