Risk Management Strategies in Project Execution

Instructions for this assignment:

Theory and demonstration of your understanding (8 Marks): Briefly explain the four risk management response strategies mentioned in the Week 7 presentation: Avoidance, Transference, Mitigation, and Acceptance. Provide a clear definition of each strategy and an example of when each could be used in the element of risks.

Analysis & Reflection (2 Marks): Analyze the effectiveness of the chosen risk management strategy(ies) in the context of projects. Why are risks so important, and how to they help projects run efficiently? Discuss how the understanding and application of project risk management process can lead to better project outcomes and how you can apply these learnings to future projects.

The assignment can be submitted via a text box on canvas.