Project Management — Planning Phase: (7 of 12) —Project Risk Management

Learn how to develop a Risk Management Plan. Risks have negative impacts to a project. Therefore, it is important to take appropriate measures to identify, mitigate, manage and control them. Risk Management Planning is to identify and detail these aspects.

How to Develop Project Performance Plan

Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. The objectives of project risk management are to increase the likelihood and impact of postive events, and decrease the likelihood and impact of negative events in the project.

The Processes of Project Risk Management are:

• Plan risk management,
• Identify risk,
• Perform qualitative risk analysis,
• Perform quantitative risk analysis,
• Plan risk response,
• Control risk.

Learning More About Initiation Phase in Project Management