What is the goal of implementing a risk mitigation strategy?

The goal of implementing a risk mitigation strategy is to minimize potential impacts of project risks. This involves identifying, analyzing, and prioritizing risks followed by the development of strategies to reduce their likelihood or impact. Effective risk mitigation helps protect the project's objectives and deliverables from foreseeable challenges and uncertainties, ensuring that the project can continue smoothly and achieve its desired results.

In contrast, enhancing project scope and objectives focuses more on expanding what the project aims to achieve, rather than addressing the uncertainties that could threaten those achievements. Increasing project budgets is related to resource allocation and funding, which does not directly relate to the strategy of minimizing risks. Establishing project timelines pertains to scheduling deliverables and ensuring that tasks are completed on time, which is a different aspect of project management that does not directly address risk management.