Negative risks or threats are unfavorable conditions, situations, circumstances or risks that can have potential negative impact on project objectives if they materialize. One or more of the strategies described here are employed to counter the effect of threats.
Risk avoidance is a risk response technique used primarily for threats that involves making changes to the project management plan to either eliminate the risk or protect the negative impact of the risk on project objectives.
Risk acceptance is a risk response technique employed when the risk cannot be avoided/mitigated or the project team decides to accept the risk and its consequences. There are primarily two types of risk acceptance strategies – Passive Acceptance and Active Acceptance.
Risk mitigation is a risk response technique used primarily for threats that involves identifying risk responses that could reduce the probability of risk event and/or lower the impact to an acceptable level.