Mitigate

Mitigate is part of the strategies for negative risks or threats which is one of the tools and techniques of Risk Response Planning.

Mitigation is to reduce the probability of risk or threat and reduce the impact to an acceptable level if the risk or threat occurs. Its easier to proactive measures instead of firefighting after the risk occurs.

-Posted by Dhana

Refer Exam Tips 3 – Key terms for PMP Exam for more key terms

Exploit

This is one of the Strategies for positive risks or opportunities which is a tools and technique for Risk Response Planning.

Opportunities brings positive impact to the project or project team. As an experienced PM, you may want to make sure that they are occurring so that you can rip the benefits of these opportunities. This strategy used is called as Exploit.

-Posted by Dhana

Avoid

Avoid is one of the three Strategies for Negative Risks or Threats(one of the tools and techniques of the Risk Response Planning).

Avoid is to eliminate the root cause of the risk/threat or change the project plan to eliminate/avoid the risk/threat.  Project Risks can be avoided by properly documenting the project scope and requirements.

Example for Avoid, you plan to buy 150 Unix server model XXX during May 2008 to setup your UAT & Production environment. You hear from the hardware vendor that the XXX model server delivery may get delayed due to higher volume order and lower stock in warehouse. To avoid the delay in UAT & Production environment setup, you may plan to buy model YYY(similar or better configuration of model XXX) which is easily available. This will avoid the potential delay in UAT & Production environment setup.

-Posted by Dhana