The document outlines the seven processes of project risk management according to PMI. The processes are: 1) Plan Risk Management, 2) Identify Risks, 3) Perform Qualitative Risk Analysis, 4) Perform Quantitative Risk Analysis, 5) Plan Risk Responses, 6) Implement Risk Responses, and 7) Monitor Risks. The processes are grouped into planning, identification, analysis, and monitoring & controlling activities to help define, identify, prioritize, respond to and track risks over the course of a project.

1. PMI® PMP® CERTIFICATION
EXAM PREPARATION COURSE
PROJECT
RISK MANAGEMENT
Planning for the Unknown

2. The seven Risk Management Processes
PROCESS
#
PROCESS NAME
PROCESS
GROUP
DESCRIPTION
1 Plan Risk Management
Planning
Define how to conduct risk management
activities for a project.
2 Identify Risks
Identify individual project risks as well as
sources of overall project risk, and document
their characteristics.
3
Perform Qualitative
Risk Analysis
Prioritize individual project risks for further
analysis or action by assessing their
probability of occurrence and impact as well
as other characteristics.
4
Perform Quantitative
Risk Analysis
Numerically analyze the combined effect of
identified individual project risks and other
sources of uncertainty on overall project
objectives.

3. The seven Risk Management Processes
PROCESS
#
PROCESS NAME
PROCESS
GROUP
DESCRIPTION
5 Plan Risk Responses Planning
Develop options, select strategies, and
agreeing on actions to address overall project
risk exposure, as well as to treat individual
project risks
6
Implement Risk
Responses
Executing Implement agreed-upon risk response plans.
7 Monitor Risks
Monitoring
&
Controlling
Monitor the implementation of agreed-upon
risk response plans, track identified risks,
identify and analyze new risks, and evaluate
risk process effectiveness throughout the
project.