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Chapter 11

Risk management

3.1 Strategies for managing risks

 Transference (or Sharing),

 Avoidance,

 Reduction

 Acceptance

3.2 Risk mapping and risk management strategies

Impact/consequence

Low High

Reduce Avoid

High
Probability

/likelihood

Low Accept Transfer

Illustrations and further practice

Now try TYU question 1, 2 and 3

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