Project Risk Management Process
Posted by sirajq on March 11, 2008
The Project risk management discipline advocates proactive risk management, continuous risk assessment, and decision making throughout the project life cycle. The team continuously assesses, monitors, and actively manages risks until they are either resolved or turn into problems to be handled as such.
The risk management process defines six logical steps through which the team manages current risks, plans and executes risk management strategies, and documents knowledge for the enterprise.
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Risk identification allows individuals to identify risks so that the team becomes aware of any potential problems.
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Risk analysis transforms the estimates or data about specific project risks that emerges during risk identification into a form the team can use to make decisions about prioritization.
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Risk planning uses the information obtained from risk analysis to formulate strategies, plans, and actions.
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Risk tracking monitors the status of specific risks and documents the progress in their respective action plans.
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Risk control is the process of executing risk action plans and their associated status reporting.
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Risk learning formalizes the lessons learned and relevant project documents and tools, and records that knowledge in reusable form for use within the team and by the enterprise.
