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Risk Mitigation strategies proactive planning
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STRATEGY EXAMPLE OUTCOME ALTERNATIVE APPROACH Accept Outdoor event accepting weather risks, monitoring forecasts Effective if minimal weather issues arise Combining with contingency plans for severe weather might add safety Minimize Enhanced security at a concert to reduce crowd incidents Reduced incidents, smooth event flow Coordination with emergency responders adds extra safety Share Collaborative research project sharing risks & rewards among companies Mitigates individual risk and boosts resource pool Clear agreements on responsibilities could enhance partnership Transfer Construction project insurance covering potential damages Financial protection against unexpected damage Additional training for workers reduces incident likelihood
Munkhbold Question 7.