How do we reduce risk?

• Reduce the likelihood of an event happening (for example, find a new resource that doesn't have the same role) • Reduce the impact of the event taking place (e.g. secure knowledge for another team member creating prototypes) • Eliminate risks • Customize the project plan to avoid a risky situation (e.g., purchase implementation support from the vendor) • Transfer risks • Pay to transfer the risk to another party (e.g. insurance or via supplier contract) • Make a conscious decision to accept risks