According to the PMBOK® Guide (Project Management Body of Knowledge), specifically within the Project Risk Management knowledge area and the Plan Risk Responses process, there are specific strategies for dealing with " Threats " (negative risks):

Mitigate (Option C): This strategy involves the project team acting to reduce the probability of occurrence or the impact of a negative risk. The goal is to bring the risk within acceptable threshold limits. Examples include adopting less complex processes, conducting more tests, or choosing a more stable supplier. It deals with lessening the risk, rather than eliminating it entirely.

Avoid (Option B): This strategy involves changing the project management plan to eliminate the threat entirely. This might include extending the schedule, changing the strategy, or reducing scope to bypass the risk altogether. While mitigation reduces the risk, avoidance removes it.

Exploit (Option A): This is a strategy for Opportunities (positive risks), not threats. It seeks to ensure that the opportunity definitely happens (increasing probability to 100%).

Share (Option D): This is also a strategy for Opportunities. It involves allocating some or all of the ownership of the opportunity to a third party who is best able to capture the benefit for the project. For threats, the equivalent " transfer " strategy would be used (e.g., insurance or warranties).

In the PMI framework, Mitigation is one of the most common responses used when a risk cannot be avoided but the team wants to minimize the potential " damage " to the project ' s cost, schedule, or quality baselines.