List the Best Practices for enabling a risk mitigation plan

List the Best Practices for enabling a risk mitigation plan from a risk assessment and explain the significance of each practice in your own words without cutting and pasting it from the textbook.\"

Solution

Definition for Risk mitigation:- Risk mitigation is the process of planning to develop the actions to increase opportunities and reduce threats to project objectives.

The folowing are the best practices for enabling risk mitigation plan fronm risk assessment

1.risk identification:-

In this process the risk events and their relationships are identified.

2.risk impact assessment :-

In this consequences impact as well as capability or functionality impacts.

3.risk prioritization analysis:-

In this process decision analytic rules applied to rank order identified field risk events from most to least critical.

4.risk mitigation planning ,implementation and progress monitoring :-

Risk events assessed as medium or high criticality might go into risk mitigation planning and implementation ,low critical riska might be tracked.