As a project unfolds, there will be a number of times over the course of the project’s respective life cycle that the project management team and or the project management team leader will find themselves in a position in which they realize that a particular component as to the project and or a particular facet of that project does in fact come with a set or series of inherent risk. After all of these likely and potential risks have been properly organized and categorized, it is up to the project management team and or the project manager to effectively determine the best way to deal with these risks. One quite common means of attempting to deal with the series of risks that may exist is to implement risk mitigation techniques. Risk mitigation specifically refers to the act of taking a series of risks that may currently exist and attempting to minimize the extent or impact to which that particular risk may occur. Typically in cases of risk mitigation there is known a particular threshold that is acceptable below which the risk is attempted to be mitigated.
This term is defined in the 3rd and the 4th edition of the PMBOK.