Risk mitigation in project management is the process of taking steps to reduce the potential for losses and undesirable outcomes associated with a specific project. It involves identifying, assessing, and reducing the likelihood and impact of risks on a project. To mitigate risk, one can either try to prevent it from occurring at all or take steps to ensure that any damage caused by it is minimized. By proactively engaging in risk mitigation, companies are better able to control their budgets, timelines, and deliverables while also increasing their chances of success.