This site contains information for your preparation of PMI's PMP (Project Management Professional) certification exam.
Project Risk Management is the systematic process of identifying, analyzing, and responding to project risk. It includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of adverse events to project objectives.
Project Risk is an uncertain event or condition that, if occurs, has a positive or a negative effect on a project objective.
There are following six processes which are part of Project Risk Management.
Risk Management Planning
Process of deciding how to approach and plan the risk management activities for a project.
Risk Management Planning process is a part of "Project Planning Phase".
Determining which risks might affect the project and documenting their characteristics.
Risk Identification is an iterative process, involving the project team, management team, stakeholders and subject matter experts (if required).
Risk Identification process is a part of "Project Planning Phase".
Qualitative Risk Analysis
Process of assessing the impact and likelihood of identified risks. This process prioritizes risks according to their potential effect on the project.
Qualitative Risk Analysis process is part of "Project Planning Phase".
Quantitative Risk Analysis
Aims to analyze numerically the probability of each risk and its consequence of project objectives.
Quantitative Risk Analysis process is part of "Project Planning Phase".
Risk Response Planning
Process of developing options to enhance opportunities and reduce threats to the project.s objectives.
Risk Response Planning process is a part of "Project Planning Phase".
Risk Monitoring and Control
Process of keeping track of identified risks, monitoring residual risks, executing risk plans and evaluating the effectiveness in reducing risk.
Risk Monitoring and Control process is a part of "Project Controlling Phase".
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