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11 Examples of Project Risk Management

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Project risk management is the process of identifying, analyzing, treating and controlling project risk. This is a basic project management practice that is required due diligence in many industries. The following is an overview of the project risk management process.

Risk Identification

Generating a list of project risks. All stakeholders are given an opportunity to identify risks with subject matter experts playing a key role. It is also common to reference a database of issues and failures that impacted similar projects.

Risk Analysis

Assessing the probability, impact and timing of risks.

Risk Treatment

Deciding how risks will be treated including risk acceptance, transfer, mitigation, risk avoidance and sharing.

Residual Risk

Documenting the risk that remains after treatment including secondary risks.

Risk Management Plan

Producing a document that captures risks and the steps that will be taken to treat risk.

Risk Acceptance

Stakeholders approve the risk management plan and accept the residual risk in the plan.

Risk Control

Implementing the treatments identified in the risk management plan.

Risk Monitoring

The process of monitoring risk to prepare to manage issues. A risk that occurs is known as an issue. The moment that a risk occurs the process passes to issue management.

Risk Metrics

Measuring the risk remaining in a project. A project begins in uncertainty and risk. Generally speaking, risk declines as you move closer to achieving objectives. New risk is introduced by change to project scope.

Change Management

Generally speaking, the risk management process is repeated when scope is changed.

Risk Communication

Communicating project risk to support decision making and to set stakeholder expectations. For example, if stakeholders accept a high level of risk it is communicated that the project has a high probability of missing its dates and going overbudget.
Overview: Project Risk Management
The process of identifying, analyzing, treating, controlling, monitoring and communicating project risk.
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A list of common project risks.

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