What is the main goal of risk mitigation?

The main goal of risk mitigation is to reduce the possibilities and impacts of potential risks, which is captured in the chosen answer. In project management, risk mitigation focuses on identifying potential risks early and implementing strategies to minimize their likelihood of occurrence and impact on the project. This proactive approach helps ensure that the project can proceed with a manageable level of risk, allowing the team to allocate resources effectively and maintain momentum towards project goals.

Risk mitigation does not aim to eliminate all project risks entirely, as this is often unrealistic; some degree of risk is inherent in any project. Additionally, while increasing budget allocation and encouraging stakeholder involvement are important aspects of project management, they do not represent the central focus of risk mitigation. The emphasis lies on developing comprehensive plans to address and reduce risks, ensuring that projects can move forward despite uncertainties.