Plain English Meaning
Spotting what could go wrong on a flight and doing something about it — changing the plan, adding a safeguard, or deciding not to go — so the chance of a bad outcome is lowered.
Full Definition
The process of identifying hazards associated with a flight, assessing the level of risk each one presents, and taking deliberate actions to reduce that risk to an acceptable level before and during the flight.
Context Anchor
Seen in aeronautical decision-making, preflight planning, personal minimums, and FAA WINGS safety discussions.
Derivation
From Latin mitigare, meaning to soften or make milder. In aviation, you are not eliminating risk (which is impossible) — you are softening it, bringing it down to a level you can safely manage.