Risk avoidance is one of the strategies of dealing to deal with risks. It means that we will not realize our intention from which the risk arises, for example, it means that we will not launch our project or will not conclude a contract. In this way, we will totally avoid the risk, will not allow anything to happen.
When to avoid the risk?
We all know what this is about - when we assess the situation as too risky, we simply will not do anything. We will not jump from a high roof to concrete because the probability of not surviving is high - we avoid the risk. The same principle can be also applied to manage any other risks.
What other possibilities of dealing with risks are there?
If the circumstances get better, we can, for example, transfer the risk to someone else (e.g. insurance agency) or we can share the risk. In addition, we can actively create conditions for risk mitigation that will lead to an Risk acceptance acceptable} level of risk.