Risk mitigation refers to the process of planning and developing methods and options to reduce threats—or risks—to project objectives. A project team might implement risk mitigation strategies to identify, monitor and evaluate risks and consequences inherent to completing a specific project, such as new product creation.
Risk Management flow charts, or workflows, outline the specific and detailed activities or work steps that are required to carry out various processes within the risk management function.
Five risk mitigation strategies with examples 1. Assume and accept risk. The acceptance strategy can involve collaboration between team members to identify the… 2. Avoidance of risk. The avoidance strategy presents the accepted and assumed risks and consequences of a project and… 3. Controlling …