21 How do we choose the best risk response strategy?

The last video outlined a number of alternative strategies for risk responses. All we have to do is choose one and implement it. But how do we choose? How can we know the "best" risk response strategy?

[@chetanasin9150]

Thanks

[@Risk-Doctor]

No problem

[@shirazmalik9579]

The priority list may be as follows 1.avoide / exploit 2.mitigate / enhanced 3.transfer / shear 4.accept.

[@Risk-Doctor]

Thanks for your comment Shiraz. In my view, it is better to try to transfer/share the risk before we try to mitigate/enhance. This is because we might find someone else who is able to manage the risk better than we can, so we should try that first. If we can't find someone else, then we can move on to mitigate/enhance. I hope this makes sense.