Risk Management for Dummies

by Puru

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Oct 14, 2012

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Risk/risk/
Noun: A situation involving exposure to danger: “2nd October has a risk of being a dry day”.
Verb: Expose (someone or something valued) to danger, harm, or loss: “Liquor shops can’t risk being open on a dry day”.
Synonyms:
noun. hazard – peril – jeopardy – danger – venture – chance
verb. hazard – venture – jeopardize – adventure – chance

Definition for Risk Management:
Web definitions: The process of identification, analysis and either acceptance or mitigation of uncertainty in decision-making and process.

Definition for Risk Mitigation:
Web definitions: The actions taken to avoid, transfer or mitigate risks within a project.

Example of Risk Mitigation:

Risk Mitigation Plan

Risk Mitigated on 1st October

 

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About the Author

Puru

Puru is an IT Project Manager from Pune, India and an avid blogger. He is passionate about travel, photography, cinema and books. He blogs on Shadows Galore, Art House Cinema, The Mutinous Indian and Antarnaad.

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