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11 - PROJECT RISK MANAGEMENT



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                   Project risK MAnAGeMent


                      Project Risk Management includes the processes of conducting risk management planning, identification,
                   analysis, response planning, and controlling risk on a project. The objectives of project risk management are to
                   increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events
                   in the project.

                      Figure 11-1 provides an overview of the Project Risk Management processes, which are as follows:

                          11.1  Plan risk Management—The process of defining how to conduct risk management activities for a
                              project.
                          11.2  Identify risks—The process of determining which risks may affect the project and documenting
                              their characteristics.                                                                      11

                          11.3  Perform Qualitative risk Analysis—The process of prioritizing risks for further analysis or action
                              by assessing and combining their probability of occurrence and impact.

                          11.4  Perform Quantitative risk Analysis—The process of numerically analyzing the effect of identified
                              risks on overall project objectives.
                          11.5  Plan risk responses—The process of developing options and actions to enhance opportunities and
                              to reduce threats to project objectives.
                          11.6  control risks—The process of implementing risk response plans, tracking identified risks, monitoring
                              residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project.

                      These processes interact with each other and with processes in other Knowledge Areas as described in detail
                   in Section 3 and Annex A1.


























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                   ©2013 Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOK  Guide) – Fifth Edition   309


                                           Licensed To: Jorge Diego Fuentes Sanchez PMI MemberID: 2399412
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