This is another large knowledge area with six processes, five of which occur during project planning. We begin by planning how much risk management we’re going to do and what techniques and tools we’ll use to manage the risks. The risk management plan also specifies the accountability that various people have in the risk management process. Then we move on to identifying the risks the project faces, using a wide variety of information sources and techniques. We create the risk register and add information at every step. With the risks identified, we’ll first perform a qualitative risk assessment. It is fast and relatively inexpensive and is often used as a screening process to decide which risks will be analyzed quantitatively. That process takes longer and is much more expensive than qualitative analysis. After we’ve analyzed the risks, we develop our risk responses, including how we’re going to mitigate, transfer, accept or avoid the risks the project faces. Last, we control the risk processes to ensure that we’re following the risk management plan.
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