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What is Risk Mitigation and Risk Contingency plans? Please
explain in details with examples.
- 3 Answers
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Answer / justin alappat
Risk Mitigation - is about reducing the impact of risk.
Risk Contigency plan - is reffred as plan B. That is a
alternate path totally.
For e.g. If your office is in an earthquake prone area,
Risk mitagation plans can include, earthquake drills to
train people, e.t.c
And Contigency plan could be that, you have a back up
office in another place, so that in case something happens
you can shift your operations to a new place.
| Is This Answer Correct ? | 151 Yes | 17 No |
Answer / alexey kalashnikov
M. is your action to prevent risk before it happens when C.
is your action to cure risk after it happens. M. makes
budget bigger as you include cost of risk that didn't
happen and may not happen. C. makes budget smaller but may
increse it after and if risk happens.
| Is This Answer Correct ? | 59 Yes | 15 No |
Answer / sharath ramesh
e.g user logins to a banking website which has a load
factor of 500 users.
Risk Mitigation Plan: If the 500th user logins then the
second server will handle the connection.
Risk Contingence plan:If both the servers are busy or
crashed,then restart the server or attach another server to
handle the connection.
| Is This Answer Correct ? | 26 Yes | 37 No |
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