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To mitigate a threat is to reduce the probability or the project impact to fall within our tolerance for risk. Where Risk Avoidance eliminates the threat, Risk Mitigation only reduces the threat.
Risk Avoidance, a strategy for responding to a negative risk event, or threat. This response to an identified threat eliminates the threat. The probability of it occurring is brought to0%, or the specific project impact of the threat’s occurrence is brought to zero.
Risk Mitigation. To mitigate a threat is to reduce the probability or the project impact to fall within our tolerance for tisk. Where Risk Avoidance eliminates the threat, Risk Mitigation only reduces the threat.
Avoidance The action or strategy chosen will be such that it eliminates the factors that generate the risk. For example, multi-sourcing a software system’s server will avoid the risk of delays to the project if your single source supplier cannot deliver the server on time.
Mitigate Risk mitigation entails devising an approach that can lessen the likelihood of the risk event happening, but not completely avoid it, or lessen the impact if it does happen, but not completely eliminate it.
Risk mitigation requires modification in project activity or task in order to reduce risk of that activity. For example having a substitute vendor ready in case of primary vendor's lengthy procedure or long lead time.
Avoidance of risk is avoiding project activity or task related to that specific risk. For example to avoid risky drive in slippery condition, take public transport.
Risk avoidance is what to do to avoid the risk.
Risk mitigation is essentially what to do when the risk happens.
A project manager may mitigate risks if the cost of avoiding is too high (or if there isn't enough time), otherwise, risks are typically avoided.
Risk avoidance are preventative actions if were effectively implemented should lead the risk occurence probability to zero.
On the other hand mitigation risk strategy may tolerate the risk within a prefixed limlits.
Avoidane >> Mitigation
Risk mitigation is the act of decreasing the riskiness of a project.
Risk avoidance is the act of eliminating the riskiness of a project.
If no threat Mafi project can avoid the risks final draw up a plan for the lack of mistakes.
But if the threat of a sudden happened during work on the project must be the development of appropriate plan to avoid as much of the potential risks.
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