We continue now with project risk management, one of the most important knowledge areas within the PMBOK Guide. and one that flows throughout all of the other knowledge areas. After all, different risk scan arises in almost any area of the project, First, we'll look at how we plan risk management and help to prepare ourselves and our project team and organization for any of the various types of risks that could arise on a project. Once we have a plan in place, we need to begin to identify these potential risks. After that, we want to assess them, first from a qualitative point of view and then from a quantitative point of view. During the qualitative risk analysis, we'll get a general sense of how big of an impact or how likely each different risk might be.

Planning Risk Management Identifying Project Risks Performing Qualitative Risk Analysis Performing Quantitative Risk Analysis Planning Risk Responses Controlling Project Risks

Annanta Source, LLC Tools; Risk control activities occur alongside project work, risk analysis, and risk planning. It's not something that we simply do after the fact but something that should be incorporated alongside qualitative and quantitative assessment, as well as when we do develop those risk related plans. Control of project risks must be performed regularly throughout the project lifecycle as well. It's not enough to simply conduct risk control activities early in project planning or late when project work is almost completed. But, rather, we need to continually use it in order to accomplish a number of objectives. Among these, we want to determine if risks have changed, if new risks have emerged, or if certain risks have already passed us by. We want to ensure that our risk policies are followed and that they are effective in nature. We also want to continuously question the assumptions that we've made about the project and various risks that could emerge. We also need to make sure that our contingency reserves are viable for what our risk environment looks like.