Ways to deal with Risk - Risk analysis and management

Q.  Which is / are the ways to deal with a Risk?
- Published on 14 Aug 15

a. Mitigate
b. Contingency
c. Transfer
d. Ignore
e. All of the above

ANSWER: All of the above


  • Prajakta Pandit   -Posted on 05 Nov 15
    What is Risk?

    - Risk is the future uncertain events with a probability of occurrence and a potential for loss.

    - Risks are identified, classified and managed before actual execution of program. These risks are classified in different categories, such as

      - Schedule Risk
      - Budget Risk
      - Operational Risk
      - Technical Risk
      - Programmatic Risk

    - Risk is a possibility, not a certainty.

    - The following ways are deals with a risk :

      - Mitigate
      - Contingency
      - Transfer
      - Ignore

    Mitigate : Mitigate against a risk is probably the most commonly mitigation of risk used under the risk management technique. It is also the easiest way to understand and implement.

    Transfer : Transference is a risk management strategy that is not used very often and tends to be more common in projects where there are several parties.

    Ignore : You can also change your plans completely to ignore the risk. This is a good strategy when a risk has a potentially large impact on your project.

    Contingency : It is an estimation of the financial resources needed to cover all identified project risk in an optimum manner.

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