Which of the following is an acknowledgement that risks may occur, but a response is in place to minimize the risk impact?

Acceptance is a strategy where no active steps are taken to deal with a risk; it's simply acknowledged, and the consequences are borne if it occurs.

Mitigation involves taking steps to reduce the probability of a risk occurring or lessening the impact if it does occur, acknowledging the risk while actively preparing a response to minimize its effect and bring it to an acceptable level.

Avoidance is a strategy where the project team takes steps to eliminate the risk entirely by changing the project plan or scope.

Enhancing is a strategy used for positive risks (opportunities) to increase their probability or impact, not for negative risks.