Question

Mitigating a risk involves doing whatever is possible to make sure that the risk doesn't happen. This means reducing the likelihood that the event will occur and/or reducing the impact that the adverse event would have on the project (p. 216). Contingency planning involves creating a plan that would go into effect if the risk actually does happen (p. 219). This is a 'backup' plan which is intended to reduce the negative impact that would occur with that risk?

Answer 1

Mitigating a risk involves reducing its likelihood and impact, while contingency planning is about creating a backup plan to deal with the risk.

Step-by-step explanation:

When it comes to managing risks, there are two important strategies: mitigating the risk and contingency planning.

Mitigating a risk involves taking measures to reduce the likelihood of the risk occurring and minimizing its impact if it does happen. This could involve implementing safety protocols, training employees, or using protective equipment.

On the other hand, contingency planning involves creating a backup plan to deal with the risk if it actually occurs. This plan is designed to minimize the negative consequences that could arise from the risk. It's like having a Plan B in case Plan A fails.