Activity Feed Forums MPTI12: Booster #2 DSTB22: Responding to Your Risks Analysis Reply To: DSTB22: Responding to Your Risks Analysis

  • Tabassum Kajlima Syafrin

    Member
    17/03/2023 at 15:37

    Prior to discussing the various types of risk response, it is important to define what risk response entails. Risk response refers to the process of managing or addressing identified risks. It involves making decisions about how to handle any risks that may arise. The following are examples of different types of risk response:

    1. Avoidance: Preventing any potential threats by canceling the project or creating a new plan from scratch.

    2. Mitigation: Taking actions to minimize risks, such as providing safety or security support tools.

    3. Transfer: Shifting risks to a third party, such as by purchasing fire insurance.

    4. Acceptance: Recognizing and accepting risks without taking any immediate action until the risk actually materializes.

    5. Sharing: Distributing risks among different teams or partners, regardless of the circumstances.

    6. Enhancement: Increasing the likelihood of positive risks by adding more resources to complete the project more quickly, thus minimizing the potential for negative risks to emerge.

    7. Exploitation: Eliminating all uncertainties associated with the project by hiring highly skilled personnel who understand the project.

    8. Contingency: Creating a plan to handle potential risks that may arise, such as implementing a back-out procedure in case of software failure.