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Project Risk Management

Risks are uncertain events that can impact the scope, schedule, cost or quality of a project. Project manager should identify the possible risks and manage them so that the negative impacts are minimum. The risks can be positve or negative. Positive risks are opportunities. Risk monitoring should be done through out the project life cycle.

The processes in Project Risk Management are

Risk Management Planning
Risk management plan is an agreed up on baseline for project risk evaluation. It should have the Methododlogy (which describes how you will perform risk management), Roles and Responsibilities (Who is responsible for managing the individual risks), Budget information (How much money is available for managing the identified risks), Timing (When and how the risk management processes will be executed), Risk Categories (Whether it is technical,quality,project management or external to name a few), Definition of risk probability and Impact, Revised Stakeholder tolerance (How much tolerable are the stakeholders for this project), Reporting formats (What is the format of the risk register and other reports - what are their contents and representation) and Tracking (How the risk data will be saved for current project, for lessons learned and audits)

Risk Identification

Qualitative Risk Analysis

Quantitaive Risk Analysis

Risk Response Planning

Risk Monitoring and Control