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What techniques can be used to handle risk effectively?

  • A

    Ignore, accept, transfer, extrude.

  • B

    Avoid, reduce, transfer, accept.

  • C

    Extrude, avoid, palliate, transfer.

  • D

    Avoid, ignore, palliate, reduce.

The techniques to handle risk include:

  • Avoid: This involves taking actions to eliminate the risk or to withdraw from the situation that presents the risk.
  • Reduce: This strategy focuses on mitigating the impact or likelihood of the risk through preventive measures or contingency plans.
  • Transfer: This involves shifting the risk to another party, typically through contracts, insurance, or outsourcing.
  • Accept: Sometimes risks cannot be avoided, reduced, or transferred effectively, so they are accepted as a conscious decision, often with a plan to manage the consequences if the risk materializes.

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