A Risk Classification (or Risk Response) is a risk treatment work process by an occurrence and impact. The Risk can be classified as a Risk Avoidance (High probability and high impact), Risk Acceptance (Taking, Retention, and Unidentified Risk, Low probability, and low impact), Risk Mitigation (Sharing, Contingency provision, High probability, and low impact), and Risk Transfer (Financing or Insurance, Low probability, and high impact).
Related Definitions in the Project: The Project Management; Risk Management
