Question

REGARDING RISK ASSESSMENT

WRITE A REFLECTION ON THE TOPIC RISK MITIGATION

MUST HAVE AN INTRODICTION -BODY-CONCLUSION

MUST BE 500 WORDS

PLEASE MAKE COPY PASTE AVAILABLE

Answer 1

TOPIC : RISK MITIGATION

INTRODUCTION TO RISK MITIGATION :  

Risk mitigation is term which explain its meaning by its composition, In other words ,it can be said that 'risk mitigation' is that segment of risk management in which the companies or the organization tends to reduce the negative impact of the risks, danger, or threats to any of the segment of the organization . These threats or bad impact causing element can be external as well internal.Risk mitigation can also be termed as set of efforts which a company or an organization can set up to be performed in advance or during the runtime in order to cancel the dangerous impact of the risk that may come into the way of the development of the product or services for their clients.

BODY (DETAILS OF RISK MITIGATION ) :

Risk Mitigation involves various steps in order to help the various segments or elements of the organizations to cope up from the negative losses due to the risks in the way to development of the project or the product.

It involves developing various plans, performing various actions which help reduce the hampering effect in advance , it also involves finding the more and more number of risks in advance to be prepared for them to overcome them when they arrive.

Risk mitigation is a long process which takes place during each and every phase of the development of the project or the product. It may take place even much before the actual designing work starts and may continue till the deployment of the project. Its effect can be seen even after deployment , i.e during the debugging or the maintenance phase.

Risk mitigation monitors the whole process of the organization or the firms to enable them to make wise decisions while development and also helps them to efficiently function over a longer period of time .

It also tracks the impact of the threat that has already occurred to the process of the development and it tends to reduces them before the deployment. It reduces the firm cost to product or develop the project cost effective in the long run.

Risk mitigation works on the principle of priorities , which means it plans for the reduction in negative impact according to the priorities , i.e. the threat which may cause more loss is handled first and then the next priority and so. So sometime some of the least critical threats can be ignored in the name of priority.

CONCLUSION OF RISK MITIGATION :

So, finally we can conclude that risk mitigation is different from risk reduction in the way that it reduces the effect of the risks while risk reduction implies reduction of the amount of the risk.In risk mitigation we first try to find any new risk , then we try analyze the depth of the impact it can product, then we produce the priority list which can be altered at the runtime and finally we perform the predefined methods to control or to reduce their impact on the final project and also on its cost and efficiency.