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 | ||
Type | ||
Definition | The process of identifying, analyzing, treating, controlling, monitoring and communicating project risk. | |
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