Defining and Identifying Risk

Defining and Identifying Risk. This DB assignment consists of 3 parts: needs to be about 3 paragraphs.During this class you will be learning how to manage project risks and opportunities.ÿ The risk management process, which is part of the project management process, consists of these primary steps:ÿUnderstand the environment.ÿUnderstand the organization’s approach to risk management and establish overall priorities.ÿIdentify the risks.ÿRecognize potential project risks and build an understanding of them.ÿAnalyze the risks and potential impact.ÿAssess the risks, determine the probability of their occurrence, and identify the potential impact.ÿCreate the risk management plan.ÿDevelop an action plan that will eliminate some risks, minimize the impact of other risks, and respond to those risks that occur.ÿImplement the plan as needed.ÿAs the project progresses, execute the action plans as appropriate.ÿUpdate the plan.ÿThroughout the project, revisit the plan and make changes as the project evolves.Risk management is an important part of the project management process, how much time do you believe should be spent on the process within the scope of the project?ÿWhat process should the project manager take to identify the risks?ÿDiscuss the risks that are common in project management.ÿ Provide examples.

Defining and Identifying Risk