What are the steps in project risk management?

Project risk management is a crucial process to identify, assess, and manage risks that may threaten the successful completion of a project. It involves a series of steps, which include risk identification, risk analysis, risk evaluation, risk mitigation, and risk monitoring. In the first step, risks are identified through various tools and techniques. Then, the risks are analyzed to determine their probability and impact. After analyzing, risk is evaluated to determine their priority and which ones need immediate focus. Then, strategies are developed to mitigate the identified risks. Finally, the risks are monitored regularly to ensure that the mitigation strategies are working and new risks are identified. Effective risk management helps a project achieve its objectives while minimizing the negative impact of risks.

This mind map was published on 20 May 2023 and has been viewed 111 times.