How can risk mitigation strategies differ from risk avoidance strategies?
- Mitigation involves reducing the impact or likelihood of a risk, while avoidance involves eliminating the risk altogether.
- Mitigation involves accepting the risk, while avoidance involves transferring it.
- Mitigation involves accepting the risk, while avoidance involves reducing its impact.
- Mitigation involves transferring the risk, while avoidance involves accepting it.
Risk mitigation strategies aim to lessen the impact or likelihood of a risk, whereas risk avoidance strategies aim to completely circumvent or eliminate the risk. Option 1 accurately distinguishes between the two approaches. Mitigation seeks to reduce the effects of a risk, whereas avoidance seeks to steer clear of it entirely.
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