You will do any of the below four strategies:
- Avoid – Identify risks in advance and try planning the project in such a way that you avoid the risks. You can extend the schedule, change the objective, eliminate risky items from scope etc. You may have to drop the entire project, but this is also good for a long run.
- Transfer – Just transfer the activities which you think are risky to some third parties. I will call it as escapism but some times it is good for the project.
- Mitigate – Rather than doing repair at the time of project execution, you may be able to reduce the impact of risk at an initial stage. Example, if you think an activity is complex, you may assign a more senior/expert person to do it.
- Accept – Either you can let the team face the risk at the time of execution or you can do some actions to deal the risk. Eg: add more funds or resources to deal the situation.