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Question:
Ronald Pierce, a high-end furniture store chain, is developing a new renaissance style edition which has been planned to be released in six months. The project manager, who is mainly responsible to develop the new edition, has been currently associating with the risk management team to create risk responses. In response to one of the threats, insurance has been purchased to cover any potential losses if the risk emerges. What type of response has the team utilized?
A
Transfer.
explanation
The transfer strategy involves transferring a risk to a third party. In this scenario, the third party is the insurance agent who manages and takes responsibility for the risk.
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