Mitigation vs. Elimination
- Explain the difference between mitigation and elimination of risk.
Mitigation and elimination of risk are two different strategies in risk management:
- Mitigation:
- Purpose: Reduce the impact or likelihood of a risk.
- Approach: Implement measures that lessen the severity or probability of the risk occurring.
- Example: Installing fire alarms and sprinkler systems to reduce the damage caused by a potential fire.
- Elimination:
- Purpose: Completely remove the risk.
- Approach: Change or remove the conditions or activities that cause the risk.
- Example: Choosing not to pursue a project in a politically unstable region to eliminate the risk of political unrest affecting the project.
In summary, mitigation aims to minimize risks, while elimination seeks to remove them entirely…
Mitigation and elimination of risk are two different strategies in risk management:
- Mitigation:
- Purpose: Reduce the impact or likelihood of a risk.
- Approach: Implement measures that lessen the severity or probability of the risk occurring.
- Example: Installing fire alarms and sprinkler systems to reduce the damage caused by a potential fire.
- Elimination:
- Purpose: Completely remove the risk.
- Approach: Change or remove the conditions or activities that cause the risk.
- Example: Choosing not to pursue a project in a politically unstable region to eliminate the risk of political unrest affecting the project.
In summary, mitigation aims to minimize risks, while elimination seeks to remove them entirely…
Mitigation and elimination of risk are two different strategies in risk management:
- Mitigation:
- Purpose: Reduce the impact or likelihood of a risk.
- Approach: Implement measures that lessen the severity or probability of the risk occurring.
- Example: Installing fire alarms and sprinkler systems to reduce the damage caused by a potential fire.
- Elimination:
- Purpose: Completely remove the risk.
- Approach: Change or remove the conditions or activities that cause the risk.
- Example: Choosing not to pursue a project in a politically unstable region to eliminate the risk of political unrest affecting the project. Mitigation vs. Elimination
In summary, mitigation aims to minimize risks, while elimination seeks to remove them entirely…
