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  • 1.7.8 What is a Project?
    The Project Management Knowledge Areas : Project Risk Management

    Project Risk Management

    Project Risk Management contains six proesses:

  • Risk Management Planning
  • Risk Identification
  • Qualitative Risk Analysis
  • Quantitative Risk Analysis
  • Risk Response Planning
  • Risk Monitoring and Control

    Risks include both threats to and opportunities within the project. The processes in this knowledge area are concerned with identifying, analyzing, and planning for potential risks, both positive and negative, that may impact the project. This means minimizing the probability and impact of negative risks while maximizing the probability and impact of positive risks. These processes are also used to identify the positive consequences of risk and exploit them to improve project objectives or discover efficiencies that may improve project performance.

    Organizations will often combine several of these processes into one step. For example, Risk Identification, Qualitative Risk Analysis, and Quantitative Risk Analysis might be performed at the same time. The important thing about the Project Risk Management knowledge area is that you should strive to identify all the risks and develop responses for those with the greatest consequences to the project objectives.

    Process Name Project Management Process Group
    Risk Management Planning Planning
    Risk Identification Planning
    Qualitative Risk Analysis Planning
    Quantitative Risk Analysis Planning
    Risk Response Planning Planning
    Risk Monitoring and Control Monitoring and Controlling
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