You are the project manager for a construction project. The project involves casting of a column in a very narrow space. Because of lack of space, casting it is highly dangerous. High technical…

Acceptance means acknowledging the risk and either creating a contingency plan or doing nothing; no third party is engaged.

Avoidance changes the project plan to eliminate the risk entirely - for example, redesigning the column so casting in a narrow space is not required.

Mitigation reduces the probability or impact of the risk; it does not shift ownership to an outside party.

Transference shifts the negative risk impact and ownership of the response to a third party, such as a specialist contractor or expert team. By hiring a local expert team to perform the dangerous column casting, the project manager moves the technical risk and the consequences of failure to the external team rather than managing it internally. This does not eliminate the risk but assigns responsibility for it to a party better equipped to handle it.