Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project.
The objectives of project risk management are to increase the probability and/or impact of positive risks and to decrease the probability and/or impact of negative risks, in order to optimize the chances of project success.
Risk Analysis:
Risk analysis is a systematic process to estimate the level of risk for identified and approved risks. This involves estimating the probability of occurrence and consequence of occurrence and converting the results to a corresponding risk. The approach used depends upon the data available and requirements levied on the project level.
Risk analyses are often based on detailed information that may come from a variety of techniques, including but not limited to:
- Analysis of plans and related documents
- Experience and interviewing
- Relevant lessons-learned studies
- Results from tests
- How to write a Risk Assessment
- The Risk Management Process
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