Risk Mitigation

Mitigation is the process of creating strategies to minimize the impact of the risks on a project. Mitigation strategies should determine the highest risk and its associated priorities first. It is possible that, for lower types of risks, the strategy would be to take no action and prepare contingency plans in the event that they should ever occur. The processes for developing mitigation strategies are as follows:

Define the approach or steps to take.

Identify contingency plans for a worst case scenario.

Assign responsible parties.

Define the closure date and necessary criteria.

PROCUREMENT ON THE PROJECT

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