Question

List and briefly describe different risk treatment responses?

this is a risk analysis question.

Answer 1

Risk treatment also known as risk responses is referred to the process of controlling the risk which is identified beforehand.

There are 8 types of ways in which which risk treatment can be performed:

1) Avoid

Plan for the best way in which the hazard can be reduced.

2) Take actions:

This process includes actions which should be taken ti minimize the risk.

3) Transfer of risk:

This includes the process of insurance. In this process the risk which may arrive due to natural calamity can be reduced by transferring the risk to other organisation.

4) Face the risk:

This process include facing of the the risk in real time with full planning.

5) Sharing:

This is the best way to tackle the risk. In this process the risk topics are been shared between different departments to find the solution in more effective way.

6) Back up:

Always be ready for or a backup and plan if required at any moment.

7) Enhancement:

This is the case in which the project faces positive risk. The positive risks can be enhanced in order to utilise it.

8) Exploit:

This is also the way of utilising the positive risks. It includes the ways in which different conditions are being generated which gives positive risk.