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What is Risk Mitigation and who will involve in Risk
mitigation plan?
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Answer / hemanth, infosys
Risk Mitigation is all about forecasting the possible
problems that might arise in future and finding out ways to
prevent it from occuring or do alternate ways to avoid the
problems from happening.
Hope Business Continuity plan/Disaster recovery is also a
part of Risk Mitigation. Let's say Al-aqueeda has planned
to blast ur development centre, all our clients would lose
all their money. This business continuity plan/Disaster
recovery is a step towards taking backup of all the data in
a different development centre, so that even if ur office
is gone, the clients don't lose out anything.
| Is This Answer Correct ? | 54 Yes | 5 No |
Answer / sathya
Risk includes future problems includes lack of resources,
Attrition e.t.c
Mitigation includes possible solution for that risk
Generally Project manager will prepare these documents
| Is This Answer Correct ? | 33 Yes | 8 No |
Answer / satish
Risks and Mitigation
Any risks that will affect the testing process must be
listed along with the mitigation. By documenting the risks
in this document, we can anticipate the occurrence of it
well ahead of time and then we can proactively prevent it
from occurring. Sample risks are dependency of completion
of coding, which is done by sub-contractors, capability of
testing tools etc.
| Is This Answer Correct ? | 26 Yes | 14 No |
Answer / dinaysh singh
Risk Mitigation is nothing but ensuring the smooth
functioning of day to day business and making it sure that
the process is completed by sticking to quality and
compliance.This naturally eliminates much of the system
error and human mistakes.If at all a mistake is committed
it has to be rectified before it could hurt the business.
Ideally there is an individual or group of individuals who
have vast experience of the process and are well aware
about the human mistakes, system error and manipulations
that could hurt the process. They are also capable of
identifying mistakes error and possible manipulations.
Further Risk Mitigation involes identifying the grey areas
and eliminating them out of the process.This ensures that
the same error dont happen in the future.
| Is This Answer Correct ? | 10 Yes | 3 No |
Answer / ashish kandari
Reduction of risk to an acceptable level. Risk Mitigation
involve all steps and task which PM will take to reduce
Risk to an acceptable level. or to minimum possible
| Is This Answer Correct ? | 11 Yes | 7 No |
Answer / pradeep engineer
Project Manager is responsible for preparing Risk
Mitigation strategy. However, he might would like to take
inputs from the project team leads/members, BAs, QA, SQA
and IT infrastructure support teams to come up with an
effective mitigation plan.
Mitigation has to do with devising one or more approaches
to control, avoid, minimize, or otherwise mitigate the
risk. Mitigation approaches may reduce the probability or
the impact. It is more of a PROACTIVE initiative even
before the risk becomes a problem. The objective of a
mitigation should be to ensure a risk identified doesn't
occur or the least reduce it's probability of occurence.
Contingency plan on the other hand has to do with what if
you are hit by the problem for the risks you could not
mitigate. (This is in contrast a REACTIVE mode)
| Is This Answer Correct ? | 6 Yes | 3 No |
Answer / sunita k
Risk Mitigation is usually a section in both Project Plans
and Test Plan.
Project Manager identifies risk areas and assigns
priorities to it. Areas with hish risk score are considered
as high priority risks.
Test Manager can also take the risk areas from the Project
Plan and add his own risk areas such as availability of
environment for testing etc.
Risk mitigation is a section of the plan where you mention
the risk areas and the mitigation plan on how these issues
will be handled when they occur.
| Is This Answer Correct ? | 2 Yes | 1 No |
In Simple definition , Mitigation should provide a result or solution to the exisitng problem/risks
Eg:
Suppose Governemnt plans to have new norms to banks, say basel 11 norms which will analyse the risk taking care during bank laons.Hence bank should think of Risk Management, Risk Measurement and Risk Mitigation.
Mitigation should provide a solution for possible credit risks, market risk at each time bank identifies a risk.
| Is This Answer Correct ? | 3 Yes | 3 No |
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