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The video talks about the significant differences between Risk Mitigation Plan and Contingency Plan.
While studying Project Risk Management knowledge area, most of the PMP® exam aspirants get confused in between Mitigation Plan and Contingency Plan. This video clears the confusion and illustrates the difference between two with real life example.
Mitigation is doing something proactive to reduce the probability or impact of risk while in contingency, you identify the triggers/figures that may result into risk but set them aside and look for warning signs.
When we mitigate, we plan and invest in advance, while in contingency, we look for warning signs.
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The Project Management Professional (PMP), PMBOK, The Agile Certified Practitioner (PMI-ACP), and The Professional in Business Analysis (PMI-PBA) is a registered mark of the Project Management Institute, Inc.
PMBOK is a registered mark of the Project Management Institute, Inc.
Materials in this video are based on the text, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Sixth Edition, Project Management Institute Inc., 2017.
The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.