Risk planning means preparing a strategy to deal with each of the risks identified. In other words, Risk Planning is a process for identifying how to carry out the activities of project risk management. Its purpose is to determine actions to efficiently respond to the identified risks that have a positive or/and negative effect on at least one project objective (such as cost, scope, performance, time).
Classes of strategies:
Avoidance strategies.
Minimization strategies.
Contingency strategies.
Avoidance strategies
Risk avoidance is the elimination of hazards, activities, and exposures that can negatively affect an organization's assets.
Whereas risk management aims to control the damages and financial consequences of threatening events, risk avoidance seeks to avoid compromising events entirely.
Minimization strategies
Risk Minimization Planning.
The primary goal of a Risk Minimization Plan is to develop activities that help patients and health care providers understand an important known or potential risk associated with a drug and to lessen the chance that a serious side effect might occur.
Contingency strategies
Planning is important for every aspect of life. It is crucial for a business because it can be great for preventing risks.
In simple words, contingency plans are backup plans that businesses activate only when a disaster or unforeseen situation disrupts the operations of the company or put their employees at risk.
