Risk management is the process of analyzing, identifying and responding to risk factors throughout the course of the project. Managing risks early on in the project is the best way to avoid project catastrophes. Continuously applying the right risk management tools early on and all the way through the life of the project will ensure that risks are aggressively managed.

Aspect of Project Risk Management:

Risk Identification: Likely to affect the project
Risk Quantification: Evaluation of risk to assess the range of possible outcomes
Risk Response Development: Planning response and mitigation
Risk Respond Control: Responding to changes in risk over the course of the project
Risk identification determines which risks are likely to affect the project. This aspect of Project Risk Management includes reviewing the lists of possible risk sources as well as the project team’s experiences and knowledge. Then risks are categorized and prioritized.

How do you identify and prioritize the risks you want to include?