Managing Risk,”Risk Avoidance – Involves changing the project plan to eliminate the specific risk events or conditions. By avoiding the risk
the project team removes a source of poor product or project performance. Avoidance can include cancellations.Risk Transference – involves moving the responsibility for the risk to third party.Risk Mitigation – This reduces the probability or impact to an acceptable threshold. Strengthening a product’s reliability.Risk Acceptance – Active acceptance is to develop a contingency plan which typically means establishing a contingency budget to buy our way out of a risk event if it occurs.”