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Project Management Orientation

Step 1:  Risk Identification

In Step 1, search for and identify the risks.  Determine risks that could be a potential loss or lead to negative consequences for the project.  Also, look for risks that represent opportunities that might be exploited. 
  
Step 2:  Risk Analysis
  
In this step, define the probability and impact of each risk to determine the exposure.  You can then prioritize the risks to determine how the project team is going to address each one. 

Step 3:  Risk Response Planning

In this step, you decide what, if anything, should be done with the risk.  To help you decide, consider the responses to the following questions:  Who owns the risk?  What should be the response to the risk?  What actions and plans should be put in place to address the risk?

Step 4:  Risk Tracking and Control

In Step 4,  you continually collect and analyze data about the identified risks to determine whether action must be taken. 

Step 5:  Risk Reaction

In this final step, implement the identified action plan in response to actual risk occurrence.  You also close the risk, if appropriate.

Steps in Risk Management Process
1: Getting Started
2: Define the Project Team
3: Team Management
4: Identify and Validate Requirements
5: Create Decomposition Structures
6: Risk Management
7: Project Estimates
8: Project Schedules
9: Change Management
10: Project Control and Execution
Defining the Project
11: Project Management Review
12: Project Closeout
13: Project Management Tool Suite
14: Self-Assessment and Final Exam
Fast Points
Concepts
Seven Keys
Case Study
WWPMM
Mentor
Check Point
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