What are vaious Risk Management approaches ?

Below are few approaches for dealing with the risks :

• Avoidance: eliminate, withdraw from or not become involved. An example is deciding not to use a new or untested procedure that you’re concerned may not produce the desired project results.
• Sharing / Transfer: outsource or insure. Suppose you choose to proceed with your plans to build a new $50 million facility (see the example in the preceding section). You can buy disaster insurance on the facility so the company doesn’t have to assume the full burden of a total loss if a hurricane destroys the facility.
• Reduce / Mitigation: Either reduce the likelihood that a risk occurs, or minimize the negative consequences if it does occur.
• Retention - accept and budget