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For high impact, impending risks, a rapid decision turnaround may be required, as determined by the Risk/Project Manager. Strategies in such mitigation include analyzing possible risks and then creating practices to decrease or completely eradicate the said risks. One, to assess whether risk mitigation is the best strategy to be applied.
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Risk matrices, also called risk severity matrices, can help you determine the priority of risks.
The external (customer) Periodic reporting of risk mitigation plans and Critical risk reporting to senior management must implement in the final stages of the project.
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