Answer Posted / mfsi_sitamj

Hi Vkumar9218,

Risk analysis technique is a procedure to analyse the likelihood
and impact of the risk and take preventive steps in early stages
to reduce the chance of the risk to be introduced
later stages.

For any product or project risk we have 4 typical options which
we can follow :-

1) Mitigate: Take steps in advance to reduce the likelihood
(and possibly the impact) of the risk.
2) Contingency: Have a plan in place to reduce the impact
should the risk become an outcome.
3) Transfer: Convince some other member of the team or
project stakeholder to reduce the likelihood or
accept the impact of the risk.
4) Ignore: Do nothing about the risk, which is usually a
smart option only when there's little that can be done
or when the likelihood and impact are low.

Thanks and regards
Sitam

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