STRATEGIES FOR NEGATIVE RISKS OR THREATS
Avoid: Changing the project management plan to avoid or eliminate the risk (Example: schedule extension, reducing the scope, or closing the project).
Transfer: Including transferring the risk to a third party (Example: buying an insurance policy to shift the risk to the insurance company).
Mitigate: Reducing the probability and impact of the risk (Example: adding more supports to the bridge will reduce the possibility of failure risk).
Accept: Accepting the risk without any changing in the project management plan or project scope.
STRATEGIES FOR POSITIVE RISKS OR OPPORTUNITIES
Exploit: Making sure that the positive risk is fully realized by using the organization’s most talented resources or hiring external experts and using the highest technology.
Enhance: Making sure to increase the probability that a positive opportunity will occur.
Share: Sharing the opportunity with a third party who can capture the opportunity for the benefit of the project.
Accept: Accepting the risk without any changing in the project management plan or project scope.
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