Risk Management


Risk Defined

Risk Management Explained

Developing Risk Response Strategies

In the Risk Management Plan (within the Project Management Plan) strategies to deal with each risk should be placed into four basic categories:

    1. Acceptance:   Also known as retention, the project manager or organization is willing live with the risk without further mitigation.
    2. Avoidance:  The project can avoid the risk by removing whatever requirement caused it to appear.  The risk is sidestepped.
    3. Control:  Also called mitigation, this involves recognizing the risk is there and performing actions to minimize it, developing contingency plans in case the risk comes to pass, or developing fall-back provisions.
    4. Transfer:   Sharing of the risk with another party, or outright transfer (wouldn't that be nice!)


    It is NOT Possible To Eliminate Risk From Our Day To Day Lives!!!!

    In addition, when some random risk materializes in our lives,
    the harm incurred may not be anyone else's fault

Consider the following event in Florida in 2013

Florida rescue teams have called off their search
for a Florida man who disappeared into a sinkhole
that swallowed his bedroom while he was asleep
in his suburban Tampa home.

How Sinkholes Develop-ABC News Film



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