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Mitigation planning identifies policies and actions that can be taken over the long term to reduce risk, and in the event of a disaster occurring, minimize loss. Such policies and actions are based on a risk assessment , using the identified hazards , vulnerabilities and probabilities of occurrence and estimates of impact to calculate risks ...
Example of risk assessment: A NASA model showing areas at high risk from impact for the International Space Station. Risk management is the identification, evaluation, and prioritization of risks, [1] followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. [2]
Environmental mitigation can be defined in various ways depending on the institutions and countries where the term is applied, or on the framework that is used to guide mitigation. For example, it may be defined as the process by which measures to avoid, minimise, or compensate for adverse impacts on the environment are applied. [1]
Deliberate risk management is used at routine periods through the implementation of a project or process. Examples include quality assurance, on-the-job training, safety briefs, performance reviews, and safety checks. Time Critical Time critical risk management is used during operational exercises or execution of tasks.
Mitigation is often used interchangeably with risk reduction, however the terms have a few key differences. Both aim to reduce the number of negative effects of hazards, but risk reduction focuses on reducing the likelihood of the event itself, while mitigation focuses on reducing the impact of the event.
Mitigation strategies are also employed before the risk occurs to decrease the potential impact of a future down-side risk. Whereas preventive strategies reduce the probability of the risk occurring, mitigation strategies reduce the potential impact if the risk were to occur. Risk mitigation can take several forms:
A risk management plan is a document to foresee risks, estimate impacts, and define responses to risks. It also contains a risk assessment matrix.According to the Project Management Institute, a risk management plan is a "component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed".
Government policies can support or hinder demand-side mitigation options. For example, public policy can promote circular economy concepts which would support climate change mitigation. [90]: 5–6 Reducing greenhouse gas emissions is linked to the sharing economy. There is a debate regarding the correlation of economic growth and emissions.