A Mitigation Plan is an organized, structured approach to reducing the likelihood and/or severity of risks within a project. It includes proactive measures that are implemented to anticipate or prevent risks from occurring, as well as reactive responses to address any risks already triggered. Creating a Mitigation Plan requires mapping out both potential risks and strategies for addressing them, so they can be quickly identified and resolved if and when they arise. In essence, your Mitigation Plan ensures there are pre-established tools and techniques ready to help you manage the risk associated with your project.