Avoid, Accept, Mitigate, Transference

Avoid, Accept, Mitigate, Transference: A Comprehensive Guide

In the realm of Project Management and Change Management, the terms Avoid, Accept, Mitigate, and Transference hold significant importance. These terms are strategies used to manage potential risks in a project or business scenario.

Understanding the Terms

• Avoid: This strategy involves changing the project plan to eliminate the risk or to protect the project objectives from its impact.
• Accept: This strategy is adopted when it is not possible or practical to avoid the risk. The project team decides to acknowledge the risk and prepare a contingency plan.
• Mitigate: This strategy aims to reduce the probability or impact of a risk to an acceptable threshold.
• Transference: This strategy involves shifting the impact of a risk to a third party together with the ownership of the response.

For more detailed information, you can visit the Risk Management page on Wikipedia.

References

1. Understanding the Risk Management Approach and Methodology by PMI

2. Risk Management Strategies in Large-scale Projects: Approaches and Techniques by ScienceDirect