A project team learns that potential remodeling on the production floor might occur during the execution phase of their project. The project team starts debating the different options available to…

Risk mitigation involves taking proactive actions to reduce the probability or impact of a risk before it occurs. The team's debate about how to keep delivering without adjusting the schedule represents efforts to reduce the potential schedule impact of the remodeling risk, which is the defining characteristic of a mitigation strategy.

Risk quantification involves numerically analyzing the probability and impact of risks, typically using tools like Monte Carlo simulation; the team is not measuring the risk, they are responding to it.

Risk planning refers to developing the overall risk management approach and methodology, which occurs earlier and at a higher level than what is described.

Risk identification is the process of finding and documenting risks before they are analyzed or addressed; the team has already identified the risk and is now determining how to respond.