In risk management, what is a mitigation strategy?

A mitigation strategy in risk management is specifically designed to reduce the likelihood or impact of potential risks that may affect a project. The goal of this strategy is to identify risks early in the project and develop plans to minimize their effects should they occur. This could involve implementing preventive measures, improving project processes, or creating contingency plans that help address the risk's impact.

For instance, if a project faces the risk of delays due to unforeseen weather conditions, a mitigation strategy could include scheduling project activities to avoid peak seasons or securing resources in advance to handle possible disruptions. The core intention is to maintain the project's smooth progress and ensure the successful delivery of project outcomes.

The other options represent different concepts that don’t directly pertain to the primary goal of a mitigation strategy. Exploiting opportunities relates to making the most of beneficial situations, increasing costs does not align with risk reduction, and stakeholder communication, while important, serves a different purpose in project management.