Question

Find an example of risk mitigation effort on a project and what are some ways of mitigating risks,300 words or more

Answer 1

Risk mitigation

Risk mitigation is the activity of avoiding or eliminating the risks. For example, in a medical clinic doctor and other staffs are facing to many patients per day. There is a risk element for getting affected the illness of the patients. It may be cough, fever etc. The staff should take precautionary actions against this risk. Use masks and hand sanitizer for eliminating this risk. This is called risk mitigation.

Risks can be mitigated in some ways such as avoidance, transfer, acceptance and limit.

· Avoidance: Avoidance or risk is the ability of the leaders of the firm to do their jobs efficiently to decrease or avoid the element of risk. Take accurate decisions in right time. The decision making power has the ability to avoid risk.

· Transfer: All risk cannot be avoided. There is also some risk that can’t avoided by the business person. For example, there is a chance of being met with an accident while driving a car. In this time we can transfer our risk to another party by taking an insurance policy. Here we transfer our risk to an insurance company.

· Acceptance: acceptance of risk is also a strategy. The business person is already reviewed the risks and accepted it. By accepting this risk, he can reduce the depth of injury. For example, the children in play school have the risk getting injure while in the play time.

· Limit: limiting of risk is also a strategy of mitigating risk. This is the most used mitigation strategy to mitigate the risk. Here, business person may take some type of actions which have the ability to limit the risk. It involves risk acceptance and risk avoidance.