Practice: Risk Management
This practice describes how to manage risks.
Relationships
Purpose
The purpose of this practice is to guide a project team in identifying and managing risks.
Goals

The goal in performing this practice is to increase the probability and impact of positive events and decrease the probability and impact of events adverse to the project [PMI].

Main Description

Every project contains some measure of uncertainty. The Risk Management practice deals with this uncertainty, trying to understand its potential influence on the project, such as the risk consequence cost. Throughout the project, the project manager, team, and stakeholders are involved in identifying and prioritizing risks, proposing strategies to respond to them, and monitoring the events that might trigger the risks to happen.

Additional Information

For more information on practices, see the practices resource page on IBM® DeveloperWorks®.