Mitigating risk in project management is a process that seeks to reduce the likelihood of project failure by eliminating or reducing exposure to potential risks. This process is comprised of three steps: identify the risk, analyze the identified risks, and develop an action plan to deal with each risk. By identifying and addressing risks before they become unmanageable, companies can increase their chances of success and avoid costly mistakes. Risk mitigation methods include developing contingency plans, diversifying investments, monitoring key performance indicators, and implementing preventative measures. Through consistent application of these techniques, organizations can ensure effective outcomes for their projects.