What is included in a risk mitigation strategy?

A risk mitigation strategy primarily focuses on actions taken to reduce the probability of a risk occurring and to lessen its potential impact on a project. This is crucial in project management, as it allows project managers to proactively handle risks instead of reacting to them after they arise. By identifying specific risks that may affect the project and implementing measures to either reduce their likelihood or minimize their effects, the overall risk exposure is decreased, leading to a higher likelihood of project success.

While some of the other options might relate to risk management, they typically do not fall under the definition of risk mitigation. For instance, taking advantage of opportunities and enhancing positive effects are more aligned with risk exploitation or enhancement strategies, which aim to capitalize on potential positive risks. Sharing a risk can be part of a risk transfer strategy, which spreads the risk to other parties but does not directly minimize the risk itself in the way that mitigation does. Thus, focusing on reducing the probability of a risk is a core aspect of a comprehensive risk mitigation strategy.