Risk mitigation in project management is the process of identifying, assessing and prioritizing risks associated with a particular project or venture and then taking steps to reduce or eliminate those risks. It is an important component of successful project planning and execution as it helps to ensure that projects are completed according to plan, on time and within budget. Risk mitigation is a continuous process that begins with the identification of potential risks, followed by their evaluation, and finally the selection of strategies to minimize or avoid them. By implementing effective risk mitigation strategies, organizations can minimize the impact of negative events while maximizing the chances of success for their projects.