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| Topic: |
Business
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| Number of pages / Number of words: |
3 / 811 |
Essay's paper body
The larger the number, the larger the impact or probability.
"Note that if probability is high, and impact is low, it is a Medium risk. On the other hand if impact is high, and probability low, it is High priority. A remote chance of a catastrophe warrants more attention than a high chance of a hiccup...
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These strategies are: avoidance, transference, mitigation or acceptance.
When a project manager avoids a risk, she takes action to remove it by using another hardware supplier, for example.
To transfer the risk the project manager makes someone else responsible. Hiring a consultant or assigning a particularly risky part of the project to a vendor are ways of transferring the risk...
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