Can someone help me to explain this statement " Risk can be mitigated by implementing a number of responses. In most situations, responses are proactive or reactive. In the case of a risk, a plan B may be formulated, which can be used as a fall - back in case the risk materializes-such a plan B is a reactive response. Sometimes risks are accepted and are an example of risk response which is neither proactive nor reactive. Risks are accepted because of various reasons, as in a situation where the probability or impact of the risk is too low for a response."? Saving Changes...
Hi Tam - Based on your organization appetite for risks (risk tolerance), your documented risks may be evaluated. Also certain weightage criteria is provided (based on how likely it is to occur and if occurred how much of an impact will it have on the project objectives). Project sponsor and other stakeholders may ask for risk mitigation responses for many and for others they may accept risks. When a risk is imminent, you can proactively take measures to either avoid it (negative risks) or take advantage of it (positive risk). If you get an issue (risk is already materialized), then you have to take reactive measures.
Hope this helps.
Thanks,
Sachin. Saving Changes...
