When you mitigate a risk, you attempt to reduce the probability of a risk event and its impacts to an acceptable level. This strategy is a lot like defensive driving. You see an obstacle in the road ahead, survey your options, and take the necessary steps to avoid the obstacle and proceed safely on your journey. Seeing the obstacle ahead (identifying risk) allows you to reduce the threat by planning ways around it or planning ways to reduce its impact if the risk does occur (mitigation strategies).
According to the PMBOK® Guide, the purpose of mitigation is to reduce the probability that a risk will occur and reduce the impact of the risk to a level where you can accept the risk and its outcomes. It's easier to take actions early on that will reduce the probability of a risk or its consequences than it is to fix the damage once it has occurred. Some examples of risk mitigation include performing more tests, using less complicated processes, creating prototypes, and choosing more reliable vendors.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.