What do you do when the best mitigation strategy for a high-impact risk is financially or logistically unfeasible within the project constraints?

Risk Management

Smit Shah Project Manager| Navitas Lifesciences Banglore, Karnataka, India

How do you navigate the trade-offs between risk mitigation and project limitations while ensuring project success?

Posted: Mar 19, 2024 6:57 AM

Kiron Bondale Retired | Mentor| Retired Welland, Ontario, Canada

Smit -

In an extreme case, if the expected monetary value or other measure of expected impact exceeds the organization's risk tolerance, then the project might be cancelled. Scope reduction might also help to reduce the severity of the risk.

Otherwise, you go with the second best option or a series of complementary responses and monitor and track the residual risk accordingly.

Kiron

Posted: Mar 19, 2024 7:09 AM

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What do you do when the best mitigation strategy for a high-impact risk is financially or logistically unfeasible within the project constraints?

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