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When an unplanned, unwanted incident takes place it generally affects the project in a negative manner and causes losses as well as delays.
Risk mitigation is identifying such incidents, determining probability of their happening, determining the extent of losses they would cause and deciding whether to spend money to prevent or response immediately to such incidents or just take the risk and handle it as and when it takes place.
Project Management & Risk mitigation 101: surveillance for high impact – low probability events and vice versa, use tools and methodologies as per the type of project and requirements! Assessments, findings and controls should be in place for expected and unexpected losses.
Risk mitigation is when you accept the threat of a loss or exposure and choose to take it. So basically you start with:
1) identifying risks
2) choose to either control or finance
3) implement the plan
4) then monitor your plan.
Risk Mitigation can be seen as a Risk Control, you analyze the surrounding area of that risk and try to minimize the negative impact.
For instance: while working on installing heat & cooling system in a building, you notice that heaters location is not suitable for long operation hours, but you choose to install it in that location anyway. the risk mitigation action would be if you choose to install shades to protect the heaters from direct sunlight, another risk mitigation action would be if you choose to duplicate that heater with another one, so you can distribute the load between them.
