Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and monitoring and control on a project. Project risk is always in the future and is an uncertain event or condition that, if it occurs, has an effect on at least one project objective. The objectives of Project Risk Manager are to increase the probability and impact of positive events and decrease the probability and impact of negative events in the project.
Project Risk Management functions would typically involve:
- Conducting Qualitative and Quantitative Risk Assessments;
- Developing a Qualitative Risk Register;
- Developing Risk Management Plans.
- Monitoring and controlling of risks during execution;
- Managing Process to identify new risks;
- Updating current Risk Response Plans;