Processes Involved In Project Risk Management

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Project risk management involves the processes aimed at conducting risk management planning, identification, qualitative and quantitative analysis, responses, monitoring a project, etc.

Here is a brief guide on the processes involved in project risk management

•    Risk identification – It includes the identification and determination of the possible risks associated with the project and also proper documentation of the properties and effect of each one.

•    Risk quantification – This step includes the evaluation of the risks that are identified in the first step and risk interactions to analyse the possible project outcomes. It is the primary method to determine which risk need the response.

•    Risk response development – It includes clearly defining enhanced steps to utilize opportunities and to respond to threats. Threat response can fall into categories of risk avoidance or risk transfer.

•    Risk response control – It is the execution of the risk management plan developed in response to the risk events that arise during the course of the project.

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