Risk mitigation (a.k.a., contingency planning) is the risk management technique of dealing with undesireable events once they occur when the associated risks to the endeavor could not be avoided.
It is typically better to avoid a risk than to mitigate its impact after it occurs. However, risks cannot always be avoided.
The typical objectives of risk mitigation are to:
Risk mitigation can typically begin when the following preconditions hold:
Risk mitigation is typically complete when the following postconditions hold:
Risk mitigation typically involves members of the endeavor’s teams performing the following steps in an iterative, incremental, parallel, timeboxed, and ongoing manner:
Risk mitigation typically results in the production of all or part of the following work products:
Risk mitigation typically has the following limitations: