Risk Mitigation is a risk response strategy that involves decreasing the probability of occurrence or impact of a threat.
It focuses on implementing actions that reduce the likelihood that a risk event will happen or lessen its effect if it does, helping to protect project objectives and maintain performance within acceptable thresholds.
Key Characteristics
- Threat-Focused – Applied specifically to negative risks
- Reduces Probability or Impact – May address one or both dimensions
- Proactive Strategy – Implemented in advance to reduce exposure
- Requires Ongoing Monitoring – Effectiveness is reviewed and adjusted over time
Example Scenarios
- Adding quality assurance checkpoints to reduce the chance of product defects
- Scheduling tasks with buffer time to minimize the impact of potential delays
- Training team members to lower the risk of user error during critical phases
Role in Risk Response Planning
- Strengthens Project Stability – Reduces the chance of disruptive events
- Improves Confidence – Provides stakeholders with assurance that risks are managed
- Supports Resource Allocation – Justifies investments in risk-reducing actions
- Feeds into Reserve Planning – Works alongside contingency reserves for residual risks
See also: Risk Acceptance, Risk Avoidance, Risk Enhancement, Risk Exploiting, Risk Sharing, Risk Transference.