Risk management involves identifying, assessing, and responding to risks throughout a project's lifecycle to meet objectives. It protects the project's scope, time, cost, and quality. Key activities include planning risk management, identifying and analyzing risks qualitatively and quantitatively, planning responses, and monitoring and controlling risks as the project executes. Challenges can include inadequate planning, poor scope definition, inaccurate cost and time estimates, which may require revising plans and estimates and clarifying scope with stakeholders.

1. Risk Management

2. Art and science of identifying, assigning,
and responding to risk throughout the life
of a project and in the best interests of
meeting project objectives
Protects the scope of the project(time,cost
and quality)

3. Activities within the knowledge
area
Initiating Planning Executing Monitoring Closing
& Control
Risk • Plan Risk Monitor and
Manageme Control
Managem Risks
nt ent
• Identify
Risks
• Perform
Qualitativ
e Risk
Analysis
• Perform
Quantitati
ve Risk
Analysis
• Plan Risk
Response
s

4. ?????
The project team should review project
documents and understand the
organization’s and the sponsor’s
approaches to risk
•Project Manager
•Project Team
•Risk Manager
•Client/Business Line Owner
•Stakeholders

5. most important to be carried
out in this knowledge area
Monitor and control risk as you execute your
project.
•- What are the specific types of risks
•How are we going to mitigate
•What are the mitigation strategies
•Who all the people responsible
•How much resource need

6. Challenges
• Inadequate Planning – Working on
revising the entire plan
• Poor Definition of Scope – Holding
meeting with the project customer and
sponsor to clarify scope
• Poor Cost estimates – Revising cost
estimates
• Poor time estimates – Revising
schedule estimates