Bill is the project manager of the JKH Project. He and the project team have identified a risk event in the project with a high probability of occurrence and the risk event has a high cost impact on t

Mitigation involves reducing the probability or impact of a risk, not eliminating the risk by changing the project scope.

Transference involves shifting the financial consequences of a risk to a third party, such as through insurance, which is not what happened here.

Acceptance involves acknowledging the risk and deciding not to take any action unless the risk occurs, which is contrary to the active decision to remove requirements.

Risk avoidance is a strategy where the project team changes the project plan to eliminate the threat entirely, typically by removing the cause of the risk. In this scenario, removing the requirements that lead to the risk event completely eliminates the high risk exposure from the project.