What is the process of reducing the likelihood or impact of an adverse event referred to as?

The process of reducing the likelihood or impact of an adverse event is referred to as mitigating. Mitigation involves implementing strategies and actions that lessen the potential consequences or likelihood of risks materializing. This can include measures such as improving safety protocols, enhancing training, or investing in more robust systems to lessen the severity of any adverse impacts that may occur.

Mitigation is a proactive approach to risk management, focusing on planning and preventive measures rather than solely responding to incidents after they happen. In project management, effective mitigation strategies can help ensure a project's success by minimizing potential disruptions and maintaining smoother operations.

The other options represent different approaches to risk management but do not specifically focus on reducing likelihood or impact in the same way. Avoiding refers to changing plans to sidestep risks altogether. Retaining means accepting the risk and its consequences without taking action to reduce it, while transferring involves shifting the risk to another party, usually through insurance or outsourcing. Each of these strategies plays a role in risk management but does not primarily focus on direct reduction of likelihood or impact as mitigating does.