Project Risk Management  (A high-level snapshot)

Risks are inevitable. Whatever you do, some of the future uncertain events will happen on the project. You got to be ready to face them. Project Risk Management Knowledge Area helps you prepare for these unexpected and unplanned events.

Project Risk Management Knowledge Area Processes

Plan Risk Management (Planning)

• it ensures that the degree, type, and visibility of risk management are proportionate to both risks and the importance of the project to the organization and other stakeholders
• the process of defining how to conduct risk management activities for a project
• performed once or at predefined points in the project

Identify Risks (Planning)

• The documentation of existing individual project risks and the sources of

  

  overall project risk

• the process of identifying individual project risks as well as sources of overall project risk, and documenting their characteristics
• is an iterative process, because new risks may evolve or become known as the project progresses through its life cycle.

Perform Qualitative Risk Analysis (Planning)

• it focuses efforts on high-priority risks
• the process of prioritizing individual project risks for further analysis or action by assessing their probability of occurrence and impact as well as other characteristics
• performed throughout the project

Perform Quantitative Risk Analysis (Planning)

• it quantifies overall project risk exposure, and it can also provide additional quantitative risk information to support risk response planning
• is the process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives
• not required for every project

Plan Risk Responses (Planning)

• it identifies appropriate ways to address overall project risk and individual project risks
• the process of developing options, selecting strategies, and agree on actions to address overall project risk exposure, as well as to treat individual project risks
• performed throughout the project

Implement Risk Responses (Execution)

• it ensures that agreed-upon risk responses are executed as planned in order to address overall project risk exposure, minimize individual project threats, and maximize individual project opportunities
• the process of implementing agreed-upon risk response plans
• performed throughout the project

Monitor Risks (Monitoring and controlling)

• it enables project decisions to be based on current information about overall project risk exposure and individual project risks
• the process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout the project
• performed throughout the project

Further Information on Project Risk Management Knowledge Area

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