What is the main goal of risk mitigation strategies?

The primary goal of risk mitigation strategies is to reduce the impact or likelihood of risks. This involves implementing measures to either lessen the probability of a risk occurring or to minimize the negative consequences should a risk materialize. Effective risk mitigation allows project managers to identify potential risks early on and create plans to address them, thus ensuring that the overall project can continue to progress with minimal disruptions.

While eliminating all project risks might seem appealing, it is often impractical because risks are inherent to most projects. Transferring risks can be a part of a broader risk management strategy, but it does not address the core objective of minimizing risks. Enhancing team communication is certainly beneficial in project management, but it does not specifically target the management and mitigation of risks directly. Therefore, the emphasis on reducing impact or likelihood is central to the effective handling of project risks.