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Project Management Orientation

Risk management is proactive decision making.  The Risk Management process provides for an iterative means to plan, track, and react to risk.  As a part of this process, you create a risk management plan to identify risks you might encounter on your project.  When creating a risk management plan:

  1. Identify the risks.  
    - Ask what risks could be a potential loss or lead to negative consequences to the project.
  2. Analyze the risks.
    - Look at each risk and determine the probability and impact of each one.
  3. Create a risk response plan.
    - Decide, what, if anything, should be done with each risk.
  4. Track and control the risks.
    - Continually collect and analyze data about the risks to determine what actions, if any, must be taken.
  5. React to the risks.
    - Implement the identified action plan in response to an actual risk.

The Risk mitigation is what you do to ensure that the risk event does not happen.  Risk response is what you do when it does happen.  So the risk management plan is the whole response process.

Are you ready to learn more?  This module enables you to:

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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