Risk Avoidance: Risk can be warded off by removing the
cause of the risk of executing the project in a different
direction while still aiming to accomplish project objectives
Change project management plan to eliminate a threat, to
isolate project objectives from the risk‟s impact, or to relax
the project objective that is in jeopardy, such as extending
schedule or reducing the scope
Risk Transfer: Transferring risk involves finding some
other party who is willing to accept responsibility for its
management, and who will bear the liability of the risk
should it occur.Transferring a threat does not eliminate it;
the threat still exists however it is o wned and managed by
another party. Transferring risk can be an effective way to
deal with financial risk exposure. The aim is to ensure that
the risk is owned and managed by the party best able to deal
with it effectively
Risk Mitigation/Reduction: Risk mitigation reduces the
probability and/or impact of an adverse risk event to an
acceptable threshold. Taking early action to reduce the
probability and/or impact of a risk is often more effective
than attempting to repair the damage after the risk ha
passed.
Risk Exploit: This strategy seeks to eliminate the
uncertainty associated with a particular upside risk by
creating the opportunity definitely happens. Eliminate the
uncertainty associated with a particular upside risk. An
opportunity is defined as a risk event that if it occurs will
have a positive effect on achievement of project objectives
Risk Share: Allocate risk ownership of an opportunity to
another party who is best able to maximize its probability of
occurrence and increase the potential benefits if it does
happen. Transferring threats and sharing opportunities are
similar in that a third party is used, those to whom the
threats are transferred take on the liability and those to
whom opportunities are allocated should also be allowed to
share in the potential benefits
Risk Enhance: This response aims to alter the “size” of the
positive risk. The opportunity is enhanced by increasing its
probability and/or impact, thereby maximising the benefits
gained from the project. Seeking to facilitate or strengthen
the cause of the opportunity, and proactively targeting and
reinforcing its trigger conditions