Video: Difference between risk mitigation plan & contingency

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indusharma
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Video: Difference between risk mitigation plan & contingency

Postby indusharma Tue Apr 15, 2014 2:17 pm

The video talks about the significant differences between Risk Mitigation Plan and Contingency Plan.
While studying Project Risk Management knowledge area, most of the PMP® aspirants get confused in between Mitigation Plan and Contingency Plan. This video clears the confusion and illustrates the difference between two with real life example.
Mitigation is doing something proactive to reduce the probability or impact of risk while in contingency, you identify the triggers/figures that may result into risk but set them aside and look for warning signs.
When we mitigate, we plan and invest in advance, while in contingency, we look for warning signs.

Knowledge Area : Risk Management
Process Group : Planning



Keywords: Mitigation, Contingency , Risk Management, Risk Mitigation Plan, Contingency Plan
Indu Sharma
PMP Trainer
iZenbridge Consultancy Pvt Ltd

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