In risk management, positive risks are called opportunities while negative risks are called threats; the five response strategies for threats are accept, avoid, mitigate, transfer, and escalate, where mitigation reduces probability or impact but does not eliminate the risk, whereas avoidance completely prevents the risk from occurring.
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Risk Management: Opportunities, Threats, and Strategies Explained #shortsAdded:
I'm going to tell you, we've got positive risks and negative risks. The positive risks we call opportunities, the negative risks we call threats. Now, the negative side you've got accept, avoid, mitigate, transfer, then the escalate. Now, a lot of people mix up mitigate and accept, or they mix up mitigate and avoid. Mitigate is a reduction of probability or impact. But, when you see avoid on the negative side, it means that you're cutting off the risk from even happening. So, avoidance is not mitigation. They're different.
There's avoid, mitigate, transfer, accept, or escalate.
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