JPCote, on 13 December 2012 - 07:15 PM, said:
Mitigation you are actually doing something to reduce the impact / probability of occurrence. Active Acceptance, as per PMBOK, you would set a reserve but still do nothing to prevent it. E.g. taking defensive driving lessons is a mitigation strategy to avoid the risk and possibly give you the skill to reduce the damages should a situation occur. Buying insurance in case of an accident is active acceptance. You do nothing to prevent, but you are insured! No buying insurance nor taking defensive driving lessons is accepting the risk and deal with the consequences should it happen... That's my way to understand the difference. See page 304 of the PMBOK V4.
Actually, buying insurance would be "transferring risk", not mitigating. Having insurance doesn't effect the probability of the risk occurring.