What step in the composite risk management?

Answer 1

Project Risk Management involves the below processes:

• Plan Risk Management - A process to determine the how of risk management: how to conduct risk management for the project at hand.

• Identify Risks - A process to identify and document the risks that might occur for a given project.

• Perform Qualitative Risk Analysis - A process used to estimate the overall probability for risks to occur and their impact and to prioritize them accordingly for further analysis.

• Perform Quantitative Risk Analysis - A process used to analyze numerically the effect of identified risks on meeting the project objectives.

• Plan Risk Responses - A process used to prepare a risk response plan in order to increase the positive impact and decrease the negative impact of risks on the project.

• Monitor and Control Risks - A process used for tracking identified risks, identifying new risks, executing risk response plans, and evaluating the effectiveness of executing responses throughout the lifecycle of the project.