Dening how to conduct risk management activities for a project Determining which risks may affect the project

and documenting their characterictics

Plan Risk Management

Identify Risks

Prioritizing risks for further analysis or action by assessing and combining their probability of occurence and impact Implementing risk response plans, tracking identied risks, monitoring residual risks, identifying new risks and evaluating risk process effectiveness throughout the project

Control Risks

Project Risk Management

Perform Qualitative Risk Analysis

Numerically analyzing the effect of identifed risks on overall project objectives

Plan Risk Response

Perform Quantitative Risk Analysis

Developing options and actions to enhance opportunities and to reduce threats to project objectives