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(TCO E) Firms that now develop a contingency plan to accompany new product development have apparently...

(TCO E) Firms that now develop a contingency plan to accompany new product development have apparently employed which of the following risk strategies?

Avoidance
Active acceptance
Mitigation
Passive acceptance
Business   Operations-Management   
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Answer #1

The correct answer is "mitigation".

Mitigation is nothing but the action by which the severity or seriousness of something is minimized. Business environment is uncertain, the planning process , strategies or decision made by the organization may not always be effective and hinders the performance of the organization. There are internal and external factors that influence the performance of the organization. So, in order to overcome the situation of emergencies, setbacks or uncertainties, company make contingency plans to respond to these situations effectively. These are nothing but the course of actions developed by organization to overcome future events or situations.

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