Risk Mitigation strategies, Summaries of Project Management

Risk Mitigation strategies proactive planning

Typology: Summaries

2023/2024

Uploaded on 11/11/2024

munkhbold-nyamdorj
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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
Risk Mitigation Strategies in Action
Munkhbold Question 7.7

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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

Risk Mitigation Strategies in Action

Munkhbold Question 7.