In the context of risk planning, which of the following describes 'Acceptance' as a mitigation technique?

Acceptance as a mitigation technique in risk planning involves acknowledging the existence of certain risks and making a conscious decision to monitor them without taking direct action to avoid or eliminate them. This approach is often employed when the costs of mitigating a risk may outweigh the potential impact of the risk itself, or when the risk is deemed acceptable within the context of the project's objectives and goals.

By choosing acceptance, a project manager recognizes that not all risks can or need to be addressed immediately or aggressively. Instead, they monitor these risks to ensure they do not escalate into more serious issues, keeping in mind the overall risk management strategy. This method allows resources to be allocated more efficiently toward risks that demand a more proactive response while still maintaining oversight on those risks that have been accepted.

In this context, the other techniques do not match the definition of acceptance. For example, proactively reducing risk impact involves taking steps to lessen the potential effects before they occur, which is more active than acceptance. Transferring risks entails shifting the responsibility to a third party, which is a different strategy altogether. Implementing measures to eliminate risks entirely suggests a level of action that does not align with the passive approach of acceptance.