Identify five common project risk strategies employed to address threats that your project may face. Give an example of each
Key concepts to be covered in the response could include, but are not limited to:
Avoid - If the risk is too large and cannot be mitigated, the project plan could be altered to take the risk out of the project. An example would be to reduce project scope or lengthen the schedule so that the risk won't be a factor.
Transfer - Sometimes the risk can be transferred to another organization. An example would be to purchase insurance.
Mitigate - Strategies can be developed to lower the risk by either reducing the probability of it's occurrence or reducing the impact to the project if it does occur. For example, if there is a risk that a key resource might not be available, the team could build in redundancy by training another person as a back up to the key resource.
Accept - The risk can be accepted, and additional contingencies of time and/or money can be added to the project to cover the risk if it does occur.
Research - Efforts can be made to obtain better information about the risk, by constructing a prototype, test marketing a new product, etc. The team can learn more about the risk by trying their ideas on a small scale.
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