Which of the following risk response planning techniques is associated with threats and seeks to reduce the probability of occurrence, or impact of risk below an acceptable threshold?

Risk mitigation is a proactive risk response strategy for threats that aims to reduce the probability of the risk occurring and/or lessen its impact on program objectives. The goal is to bring the residual risk exposure down to a level that is within the acceptable threshold defined by the program's stakeholders and governance. This strategy involves taking specific actions to address the root causes of the threat, thereby diminishing its potential negative effects, rather than eliminating it entirely or shifting its consequences.

A. Risk avoidance: This strategy involves changing the program plan to eliminate the threat entirely, such as by removing a component or changing scope, not just reducing its probability or impact.
B. Risk transference: This strategy shifts the financial impact of a threat to a third party, typically through insurance or contracts, but does not change the risk's probability or inherent impact.
D. Risk acceptance: This strategy acknowledges the risk and decides not to take any proactive action to address it, either passively or by setting aside a contingency reserve for when it occurs.

1. Project Management Institute. (2017). The Standard for Program Management (Fourth Edition). Section 5.4.4

Program Risk Response Planning: Outputs

p. 98. The standard defines mitigation as a strategy where "action is taken to reduce the probability of occurrence and/or impact of a threat."

2. Project Management Institute. (2017). The Standard for Program Management (Fourth Edition). Figure 5-11

Risk Response Strategies

p. 97. This figure explicitly lists "Mitigate" as a strategy for negative risks or threats

with the description "Reduce the probability and/or impact." The same figure defines Avoid ("Eliminate the threat")

Transfer ("Shift impact to a third party")

and Accept ("Acknowledge and take no action until risk occurs").