Project risk management involves planning for risk, identifying risks, analyzing them, responding to risks, and monitoring them throughout a project. It is a critical part of project management that helps achieve objectives by addressing uncertainties. Risk management builds on other processes and should be appropriately applied based on the project and organization, with open communication and commitment to managing risks.

1. Project Risk Management as.quazy@gmail.com

2. Risk Management Includes: Risk management includes the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring & control on a project. as.quazy@gmail.com

3. Project Risk Management Definition: “Project Risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives.” – PMBOK Guide – Fourth Edition. Project objectives include scope, schedule, cost and quality. as.quazy@gmail.com

4. Role of Project Risk Management Project Risk management is not an optional activity. It is essential to successful project management. All process need to include treatment of project risks. It builds upon and extends other project management processes. as.quazy@gmail.com

5. Role of Project Risk Management Project Risk Management is not a substitute for the other project management processes. In the early stages of a project the level of risk exposure is at its maximum but information on the project risks is at minimum. Risk management continues to add value as project planning progresses. as.quazy@gmail.com

6. Role of Project Risk Management Finally, throughout the project and during project closure, risk-related lessons are reviewed in order to contribute to organizational learning and support continuous improvement of Project Risk Management practice. as.quazy@gmail.com

7. Good Risk Management Practice Project Risk Management is a valuable component of project management and it enhances the value of the other project management processes. PRM should be conducted in a manner consistent with existing organizational practices and policies. PRM should be conducted in a way that is appropriate to the project. PRM should be conducted in compliance with internal and external requirements. as.quazy@gmail.com

8. Good Risk Management Practice Project Risk Management is a valuable component of project management and it enhances the value of the other project management processes. PRM should always be conducted on an ethical basis, in keeping with the Project Management code of ethics or conduct. PRM should be conducted on all projects as.quazy@gmail.com

9. Critical Success Factors for Project Risk Management Risk Management Success Recognize the Value of Risk Management Individual Commitment / Responsibility Open and Honest Communication Organizational Commitment Risk Effort Scaled to Project Integration with Project Management as.quazy@gmail.com

10. Project Risk Management Conclusion: Principles of PRM should be appropriately applied based on the specifics of a project and the organizational environment. If implemented with good principles and with organizational commitment to taking the decisions and performing actions in an open and unbiased manner, PRM will benefits. as.quazy@gmail.com

11. Recap: Risk management includes the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring & control on a project. risk management planning identification monitoring & control analysis responses as.quazy@gmail.com