Risk Mitigation Notes: Definitions & Explanations PDF | Download eBooks
Study Risk Mitigation lecture notes PDF with project management definitions and explanation to study What is Risk Mitigation?. Study risk mitigation explanation with project management terms to review project management course for online MBA programs.
Risk Mitigation Definition:
In risk mitigation, action is taken to reduce the probability of occurrence and/or impact of a threat.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Risk Mitigation Notes:
Different strategies can be used to deal with the threats to an organization or a project. An organization or a project can face a number of threats that can be both internal and external to the organization or project. These threats are identified using SWOT analysis. One of them is called risk mitigation. Risk mitigation strategy involves reducing the probability of occurrence of a risk and ultimately its impact on the project. It is better to mitigate the risk at an early stage rather fixing the damage done by a risk. Prototyping can be used to mitigate risk. In cases of impossible risk mitigation, the mitigation strategy can be applied to the factors of the risk that increase its severity.
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