The risk associated with the unlikely event of a key member being struck by lightning would likely be best handled by which approach?

In this scenario, the likelihood of a key member being struck by lightning is extremely low, categorizing it as an unlikely risk. The appropriate strategy for such a risk is to retain it, meaning that the organization acknowledges the risk exists but recognizes that it is not significant enough to warrant immediate action or change in the project plan.

By retaining the risk, the organization accepts that there is a minimal chance of occurrence and that the consequences of the event, while possibly serious, are manageable. In essence, for rare events with low probability and potentially moderate impact, retention allows the project team to focus resources on more pressing and likely risks.

Other approaches, such as transferring, avoiding, or mitigating the risk, would generally be more suited for risks that are more probable or would have a more substantial impact on the project. Transferring involves shifting the risk to another party, such as through insurance, which wouldn't be practical in this case given the unlikelihood of the event. Avoiding would mean changing plans to eliminate the risk altogether, which is unnecessary for something so rare. Mitigating, or reducing the likelihood or impact of the risk, would require effort that is disproportionate to the actual risk presented. Thus, retaining is the most sensible approach for this