LORITA P. ANDOT, MA.Ed.

Reporter
ELPIDIO T. MAGANTE, Ed.D.
Professor

Is a continuous forward-looking process that

is an important part of business and
technical management process.
It should address issues that could
endanger achievement of critical objectives.
Means applying skills, knowledge and risk
management tools and techniques to your
projects to reduce threats to an acceptable
level while maximizing opportunities. (Kim
Heldman, PMP. )

to identify potential problems before

they occur so that risk-handling
activities may be planned to invoked
as needed across the life of the
product or project to mitigate
adverse impact as on achieving
objectives.

 Identifying

and documenting Risk

Analyzing and prioritizing risk
Performing risk planning
Monitoring risk plan and applying
controls
Performing risk audits and reviews

Risk management is an iterative process,

an effective communication is at its core.
The illustration below shows the iterative
nature of risk management and the
Identify
interaction between
the processes.
Perform
Risks Audit
and
Reviews

and
Document
Risk

Communication

Monitor Risks
and Apply
Control

Analyze
and
Prioritize
Risks

Create Risk
Plan

A risk management approach starts first

with the determination that youll create
and implement a management plan.
Identifying, analyzing, prioritizing and
planning for the management of risks and
monitoring plans is a much better approach
than allowing a problem to change the
outcome of your project because they
werent planned ahead of time. ( Kim
Heldman, PMP )

Risk Management Planning- the purpose is to

create a risk management plan. A plan is the how
youll go about dealing with risk in your project.
Risk Identification- involves identifying and
documenting the risk all the risk that could impact
the project.
Qualitative Risk Analysis- to determine the
consequences the risk you identified in the Risk
Identification process.
Quantitative Risk Analysis- this will evaluates
impacts of risks and quantifies the overall risk
exposure of the project by assigning numeric
probabilities to each risks and their impacts on the
project activities.

Risk Response Planning-involves deciding

what action to take to reduce threats while
maximizing opportunities discovered during
the performance of the risks process.
Risk Monitoring and Control- to respond to
risks as they occur, tract and monitor
identified risk, evaluate risks response plans
for effectiveness, ide4ntify new risks and
ensure proper risks management
procedures are being followed as defined in
the risks management plan. ( Risk
Management by Kim Heldman, PMP )

Even the smallest changes in

our daily routine can create
incredible riffle effects that
expand our vision of what is
possible
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