What is meant by reducing risk probability or the possible negative consequences?

The correct choice refers to the concept of "mitigate," which involves taking active steps to reduce either the likelihood of a risk occurring or the impact it would have if it did occur. In project management and business analysis, mitigation strategies are important for minimizing negative outcomes associated with potential risks. This could involve implementing processes, creating contingency plans, or using resources in a way that lessens the chance of a negative event happening.

Mitigating risks is a proactive approach that can lead to more successful project outcomes by addressing uncertainties before they manifest into actual problems. By focusing on how to lower risk probability or consequences, teams can safeguard their projects and enhance overall performance.

The other options don't accurately define the process of reducing risk probability or consequences. "Both in and out scope" refers to the elements included in a project rather than how to address risks. "Increase" contradicts the objective of risk management, while "identified risks" simply refers to risks that have been recognized and does not indicate any action taken to reduce them. This further reinforces why mitigation is the focus in managing risks effectively.