PMBOK® Guide: Difference Between Mitigation Plan And Contingency Plan

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Risk mitigation and contingency response planning are one of risk response strategies. This video will answer the following questions:
What are risk mitigation and contingency plan?
Difference between a mitigation plan and contingency plan?
When to use risk mitigation and when to use risk contingency risk response strategies?
After watching the video, in case you have further questions, please share in the comment box.
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.
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[@dicksonrobert1492]

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[@izenbridge]

Heartiest Congratulations!! Dickson.
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[@sureshkumarm4898]

Great Explanation. Thanks a lot sir.

[@izenbridge]

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[@mitulpatel4575]

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[@izenbridge]

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[@surajprahladka1]

What does a good retro looks like to you?

[@izenbridge]

That produce good insight on work and results with action items.

[@ecomamaadmin3328]

Thin line between the two because you can make contingency plan whose existence mayessentially *mitigate* the risk immediately.
*Contingency plans* do not necessarily mitigate the risk immediately.

[@izenbridge]

True!! Contingency plan is like cushion which helps to absorb shock if risk occurs. Mitigation plan lowers the probability and impact of a risk, and after mitigation still if risk occurs (with less impact after mitigation), contingency plan helps to take care its impact.