When you’re planning your project, risks are still uncertain: they haven’t happened yet. But eventually, some of the risks that you plan for do happen. And that’s when you have to deal with them. There are four basic ways to handle a risk:

Avoid
The best thing that you can do with a risk is avoid it if you can prevent it from happening, it definitely won’t hurt your project. For example, your company has found a new building for a great price but it is in a high crime area, in this case it would be best to avoid the purchase.

Mitigate
If you can’t avoid the risk, you can mitigate it. This means taking some sort of action that will cause it to do as little Damage to your project as possible. Unfortunately you have to venture out in the rain which may cause you to sleep and fall. How you can mitigate having an accident would be to wear slip resistant shoes and carry an umbrella.

Transfer
One effective way to deal with a risk is to pay someone else to accept it for you. The most common way to do this is to buy insurance. Nobody can predict when a car accident will happen, that is why you purchase car insurance like All State or Geico.

Accept
When you can’t avoid, mitigate, or transfer a risk, then you have to accept it. But even when you accept risk, at least you’ve looked at the alternatives and you know what will happen if it occurs.
We all know that in the event of a hurricane, in most cases there is very little you can do to mitigate the damage, so you would have to accept the