Risk Mitigation involves making decisions and implementing measures to reduce or control risks at acceptable levels.
Key Strategies:
- Avoidance: Change plans to eliminate the risk entirely.
- Reduction: Implement measures to decrease the likelihood or impact of the risk.
- Transfer: Shift the risk to another party (e.g., insurance).
- Acceptance: Acknowledge the risk and prepare to manage its consequences if it occurs.
Importance:
- Protects project objectives
- Enhances stakeholder confidence
- Supports informed decision-making