A qualitative strategy for dealing with project risks. Mitigation options include:
- Acceptance - Not changing the project plan to deal with a risk that is usually determined to be either very unlikely or have a very low impact.
- Avoidance - Changing the project plan to eliminate a risk or protect a project's objectives from the impact of the risk.
- Contingencies - A plan of action to deal with the time or cost impacts of a risk occurring.
- Risk reduction - Actions to reduce the likelihood of a risk occurring or the impact upon the project if it did.
- Risk transfer - Shifting the impact of a risk (along with its ownership) to a third party.
