Transferring a risk is the act of shifting the impact or responsibility to someone else. The most common example is probably insurance.

In the case of a risk that is very unlikely, or has a high cost to implement one of the other three strategies, acceptance can be acceptable.

Avoidance means reducing the chance of a risk occurring to zero. Sometimes avoidance is not practical, or possible

Mitigation is a strategy that is used to minimize the impact of a risk or threat

Not my planned subject, but today's PM Minute is all about the importance of identifying risks and having a contingency plan in place in case a risk occurs

This should sound very familiar to anyone doing project work. We can begin with the start date and estimate the finish based on who is available to do the work, and how long it will take with that availability. Or, we can start with a deadline and back into a start date using the same method.

For today's PM minute, I'd like to close the week out with a quick survey.

Would you listen to and participate in - either as a guest, a caller, or by chat - a 30-45 minute live podcast on project management?

The Chunnel project was also more than a year late and 80% over budget. So, the next time you're worried about your project, remember the Chunnel and that audacious ideas rarely follow plan.

When you are faced with a tough problem, talk it out loud. Take control away from your inner critic by putting the words out there, like a first draft. You'll find it can help bring clarity and an ultimate solution.

It's been a long break, but Colocation is back. Starting today, the PM Minute will come at you each work day. This quick, one minute tip is published first thing in the morning and is a great way to start your day.