An action or set of actions intended to reduceA response to a threat that reduces its probability, impact ... More the probabilityThe likelihood of a risk occurring. More or impactA noticeable effect or influence. The assessment of the effe... More of a threatA condition or situation unfavourable to the project, a nega... More, or increase the probabilityThe likelihood of a risk occurring. More or impactA noticeable effect or influence. The assessment of the effe... More of an opportunityA condition or situation favourable to the project, a positi... More. If approved such actions are carried out in advance of the riskAn uncertain event or condition that, if it occurs, has a po... More. They are funded from the project budgetThe project budget is a prediction of the costs associated w... More.