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Project Management for IT-Related Projects by David I. Shepherd, Norman Smith, Brian West, Roger Ireland, Bob Hughes

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7.5 Deciding the appropriate actions

The uncertainty on the project due to the risks identified can be reduced by taking mitigating action. Mitigation is defined as an action to reduce, transfer or eliminate a risk. Any mitigation action chosen will consequently mean revisiting the project schedule, the development costs, the functional scope, and the performance of the deliverables and updating them, if necessary, to take account of the chosen action. In addition to the option of adopting one or more mitigating actions for a given risk, the project team could decide to take no action at all or to develop a contingency plan.

7.5.1 Accepting the risk

The organization could accept the risk and take no further action other than to monitor it. ...

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