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1. Risk Management Process
Process Goals and Objectives
The two (2) main objectives of the Risk Assessment and Management Process methodology are to:
1. Focus attention on minimizing threats in order to achieve the project objectives by performing a high-level assessment of project risk with all project stakeholders, and
1. Provide a systematic approach for detail risk analysis and appraisal by:
Identifying and assessing risks.
Determining effective risk reduction actions.
Monitoring and reporting progress in reducing risk.
The overall goal of this process is to progressively reduce the project’s exposure to events that threaten the timely delivery of project objectives by:
Incorporating approaches into the project management plan that minimize, mitigate, or avoid identified and potential risks,
Developing proactive, contingency plans or risk response plans, and
Ensuring timely risk responses based on the concise identification of risk occurrence and risk opportunity.
Risk Management – Lifecycle
The following diagram shows the flow of Risk Management life-cycle:
Managing a risk undergoes following stages in its life cycle:
1. Risk Identification
2. Risk Analyses
3. Risk Response Planning
4. Risk Response Execution & Monitoring
5. Execution Verification 1. Risk Identification
During the first state of Risk Identification, the list of risks are submitted to Risk page. The application allows you to determine which risks may affect the project or other business process and document their characteristics.
It is highly recommended that you accurately enter all available information about the Risk, including Severity and Priority. It is important to categorize Risks using the Category field, this will help you in building strict risk classifications.
It is a best practice to include a description of the risk with the use case scenarios.
Tip!
You can use Notes and Attachments to provide additional
Process Goals and Objectives
The two (2) main objectives of the Risk Assessment and Management Process methodology are to:
1. Focus attention on minimizing threats in order to achieve the project objectives by performing a high-level assessment of project risk with all project stakeholders, and
1. Provide a systematic approach for detail risk analysis and appraisal by:
Identifying and assessing risks.
Determining effective risk reduction actions.
Monitoring and reporting progress in reducing risk.
The overall goal of this process is to progressively reduce the project’s exposure to events that threaten the timely delivery of project objectives by:
Incorporating approaches into the project management plan that minimize, mitigate, or avoid identified and potential risks,
Developing proactive, contingency plans or risk response plans, and
Ensuring timely risk responses based on the concise identification of risk occurrence and risk opportunity.
Risk Management – Lifecycle
The following diagram shows the flow of Risk Management life-cycle:
Managing a risk undergoes following stages in its life cycle:
1. Risk Identification
2. Risk Analyses
3. Risk Response Planning
4. Risk Response Execution & Monitoring
5. Execution Verification 1. Risk Identification
During the first state of Risk Identification, the list of risks are submitted to Risk page. The application allows you to determine which risks may affect the project or other business process and document their characteristics.
It is highly recommended that you accurately enter all available information about the Risk, including Severity and Priority. It is important to categorize Risks using the Category field, this will help you in building strict risk classifications.
It is a best practice to include a description of the risk with the use case scenarios.
Tip!
You can use Notes and Attachments to provide additional