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Responding to Risk - Four Alternatives

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What are the four alternatives a project organization can adopt in deciding how to address and respond to its risks? What are the implications of each approach? Supply observations from a past or present work situations that illustrate how particular types of risks were addressed.

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The four alternatives a project organization can adopt regarding how to address and respond to risks are:

• Avoiding - "Avoiding risks, or loss prevention, involves taking steps to prevent a loss from occurring" (Gale Encyclopedia, 2013, para 4). These are the strategies that a project manager will do in the planning phase of a project to identify any known risks at the beginning of a project in an effort to avoid them both at that time and later on. For example, a pharmaceutical drug company may choose not to market or release a particular drug because of the known side effects and their impact on people.

An implication for this approach may be that some projects are very limited if avoidance is the only risk mitigation strategy. I would imagine that several projects never make it off the ground if the only strategy was ...

Solution Summary

Four alternatives to risk response. Including the implications of each approach and examples from work environments. 550 words, 1 reference.