Risk mitigation strategies in Software Engineering - Cheat Sheet & Quick Revision

Recall & Review

beginner

What is the main goal of risk mitigation strategies?

The main goal is to reduce the chance or impact of risks that could harm a project or system.

beginner

Name one common risk mitigation strategy.

One common strategy is risk avoidance, which means changing plans to prevent the risk from happening.

intermediate

How does risk transfer work in risk mitigation?

Risk transfer means shifting the risk to another party, like buying insurance or outsourcing a task.

intermediate

What is the difference between risk reduction and risk acceptance?

Risk reduction tries to lower the chance or impact of a risk, while risk acceptance means acknowledging the risk and preparing to deal with it if it happens.

beginner

Why is monitoring risks important in risk mitigation?

Monitoring helps detect new risks early and checks if current strategies are working, so adjustments can be made.

Which of the following is NOT a risk mitigation strategy?

A Risk ignoring

B Risk avoidance

C Risk transfer

D Risk reduction

Ignoring risks is not a strategy; it leaves risks unmanaged and can cause problems.

What does risk transfer usually involve?

A Changing the project plan to avoid risk

B Reducing the chance of risk

C Accepting the risk without action

D Shifting risk responsibility to another party

Risk transfer means passing the risk to someone else, like through insurance or contracts.

Which strategy means preparing to handle a risk if it happens without trying to prevent it?

A Risk reduction

B Risk acceptance

C Risk avoidance

D Risk transfer

Risk acceptance means acknowledging the risk and planning to manage it if it occurs.

Why is risk monitoring important?

A To detect new risks and check strategy effectiveness

B To ignore small risks

C To transfer all risks

D To avoid all risks completely

Monitoring helps spot new risks early and ensures current plans are working well.

Which risk mitigation strategy involves changing plans to stop a risk from happening?

A Risk transfer

B Risk acceptance

C Risk avoidance

D Risk reduction

Risk avoidance means altering plans to prevent the risk entirely.

Explain the four main types of risk mitigation strategies and give a simple example for each.

Think about how you might handle a risk in everyday life, like avoiding a slippery path or buying insurance.

Why is it important to monitor risks continuously during a project?

Consider how checking your car regularly helps prevent breakdowns.