Why is Risk Mitigation Essential for Projects?
Every project requires careful planning, execution, and monitoring
However, no matter how carefully you plan and execute a project, there is always some risk involved
Risk mitigation helps to identify every possible risk and mitigate them
This strategy helps to prioritize risk as per the risk level
These risks go through various stages to prevent risks
The following are the risk mitigation stages
1. Risk identification
2. Risk assessment
3. Risk monitoring
4. Risk reporting
5. Risk review
Risk mitigation helps to integrate data to preserve organizational resources
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