What is the main goal of a risk mitigation strategy?

The main goal of a risk mitigation strategy is to reduce the likelihood or impact of risks. This approach involves identifying potential risks that could affect a project and then implementing measures to minimize their impact or the probability of their occurrence. Effective risk mitigation strategies often include risk avoidance, risk transfer, risk acceptance, and risk reduction tactics. By focusing on reducing either the chances of a risk materializing or its consequences should it occur, organizations can protect project objectives and resources, thereby increasing the overall likelihood of project success.

Identifying all possible project risks is an important initial step in risk management, but it is not the ultimate goal of a risk mitigation strategy. Increasing project budgets might be a consideration in managing risks but is not the primary focus of mitigation strategies. Similarly, enhancing project timelines may be a beneficial outcome of effective risk management, but the central aim remains the reduction of risk-related impact and likelihood.