One of the points for avoiding risk I would like to add to manage risk is Exploitation.

Exploitation: To exploit the risk. The techniques mentioned above are great when they have a negative impact in the project but what if the risk has the positive impact?

For example, the risk that the new washing machines are so popular that we don’t have enough Sales staff to do the demonstrations? That’s a real danger – something that would have a benefit to the project and the company if it happened. In those cases, we want to maximize the chance that the risk happens, not stop it from happening or transfer the benefit to someone else!

Exploitation is the risk management strategy to use in these situations. Look for ways to make the risk happen or for the means to increase the impact if it does. We could train a few junior Sales admin people also to give washing machine demonstrations and do lots of extra marketing, so that the chance that there is lots of interest in the new device is increased, and there are people to do the demos if needed