Risk Mitigation

Definition: A structured approach to identifying and avoiding risk.

What This Means: A major project is always accompanied by risks, e.g., will there be enough money, will the launch deadline be met, will the users change their old ways and adopt the new ones, will the technology work, etc. Knowing those risks upfront and devising a plan to avoid, reduce, or respond to the risks is responsible management. (See our Optimal Reference Guide, “From Risk to Reward – A Guide to Risk Management, Project Management Series Part II” at www.espsg.com/resources.)

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