Risk Assessment and Mitigation

Risk assessment and mitigation involve identifying potential problems that could impact a project or situation and developing strategies to reduce or eliminate those risks. Risk assessment examines what could go wrong, how likely it is, and the potential impact. Mitigation focuses on creating plans to lessen these risks, such as developing backup solutions or modifying plans. This process helps individuals and organizations prepare for uncertainties, ensuring they can respond effectively and minimize negative outcomes, ultimately leading to better decision-making and increased chances of success.