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2.10
PROJECT RISK MANAGEMENT
There are six major processes involved in risk management:
1. Risk management planning
involves deciding how to approach and plan the
risk management activities for the project. By reviewing the project scope
statement, project management plan, enterprise environmental factors, and
organizational process assets, project teams can discuss and analyze risk
management activities for their particular project teams can discuss and analyze
risk management activities for their particular projects. The main output of this
process is risk management plan.
2. Risk identification involves determining which risks are likely to affect a
project and documenting the characteristics of each. The main output of this
process is the start of a risk register.
3. Qualitative risk analysis
involves prioritizing risk based on their probability and
impact occurrence. After identifying risk. Project teams can use various tools and
techniques to rank risk and update information in the risk register. The main
output
is updates to the risk register.
4. Quantitative risk analysis involves numerically estimating the effects of risk on
project objectives. The main output of this process is also updates to the risk
registers.
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