PMI-RMP Certification Training - Transfer and Mitigate

The video tutorial covers two main risk response strategies: transference and mitigation. Risk transference involves shifting the impact and ownership of a risk to a third party, such as through insurance or subcontracting. It does not eliminate the risk but reduces the impact on the original party. Mitigation, on the other hand, aims to reduce the probability or impact of a risk through proactive measures. It is one of several strategies and should not be confused with risk response as a whole. Examples of mitigation include adopting less complex processes and designing redundancy into systems.

What does transferring a risk involve and how does it affect ownership?

Can you provide an example of risk transference and explain its implications?

What is the difference between mitigation and other risk response strategies?

How can early mitigation actions be more effective than later responses?

What are some examples of mitigation actions that can be taken?