Explain strategies you might use to mitigate the risks you identified. Is it ever beneficial to accept or increase risks in order to meet project goals?

As far as mitigating risk is concerned, there are several strategies available depending on the scope of the project. A preventative measure such as implementing more safety protocol or performing thorough tests before launch can be used to reduce or eliminate risks. Transferring risk is also possible by outsourcing certain project aspects or using insurance policies that can protect you against losses.

Another viable strategy is to accept and manage risk – meaning that one must identify what types of risks may present themselves and then devise contingency plans in case they do occur. It is important to take an active part in the process of understanding the risks and how they may affect the final outcome. Accepting or increasing risks may ultimately be advantageous for project success, such as in situations when there are time constraints that force you to take shortcuts or conduct experiments with higher levels of risk.

At the end of the day it’s important to recognize that all projects come with some degree of risk and having an effective process for identifying and managing these risks is essential for success.