Can you assist me with a simple compare and contract and advantages and disadvantages, possibly some examples of these 4 areas

AVOID

Risk avoidance is a risk impact response strategy whereby the project teams to eliminate the threat or prod protect the project from Impact.

It generally calls for alternate thing the project management plan like you make changes in the scope or design or even the implementation plan.

Risk identified at the early stage can be avoided by improving communication or acquiring skills.

Eliminates the probability of risk events and thus remove wrist from the risk register.

Implemented in critical risk which have a substantial impact on the viability of complete projects project teams generally use this is the first response strategy for critical versus.

The ideas to try to avoid risk as many critical risk as possible.

MITIGATE

Risk mitigation is the risk response strategy whereby the project teams to reduce the probability of occurrence or impact of risk

Reduces is the probability or impact of a threat to bring it within the acceptable threshold limits.

A Hands-On approach to lower the critically risk.

Project team implements mitigate strategies to critique risks.

Normally involves modifying the project management plan like adding activities and project schedule or any scope to the project.

It does not remove risk from the risk register instead brings down the criticality level of the given risk.

TRANSFER

Risk transfer is a risk responsive strategy whereby the project team shifts the impact of a threat to the third party together with the ownership of the response.

The responsibility of the risk it's transferred to another party however does not eliminate the risk.

Risk transfer requires to pay a risk premium as another party is managing their risk.

Involves tools like Insurance performance bonds warranties guarantees, etc.

You may identify secondary risk while doing the transfer. For example transfer of risk guarantees that you may identify new risk it what if vendor default on terms of guarantee.

Used normally in cases of less critical risk.

ACCEPT

Risk transfer is a risk responsive strategy whereby the project team decides to acknowledge a risk and not take and action unless the risk occurs.

Here, it is very important to understand that risk acceptance can be either active or passive.

In passive acceptance project team decide to take care of risks as they occur. On the other hand, the active acceptance asks the team to establish the contingency reserve, including amounts of time, money, or resources to handle the risks as it occurs.

Adopted for non-critical risk since it is not feasible or cost-effective to avoid mitigate or transfer all risk.

The identified risk remains in the risk register and there is no change in its risk exposure.

In the case of the active acceptance, the team identifies the warning signal for the given risk and implements that contingency plan in time.