Six Processes For Risk Management Essay

1063 Words Apr 14th, 2016 null Page
Six Processes for Risk Management
Project management is inclusive of a wide array of responsibilities, not least of these many responsibilities are the tasks which fall under the scope of risk management. Risk management is one of the many complex components of project management. The PMBOK® Guide defines project risk as “an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives such as scope, schedule, cost, and quality” (p. 310). In Risk Management, the objective is to raise the impact and likelihood of positive risks, while also minimizing the probability of negative risks (PMBOK, 2013).
Specific Processes Although the objectives of minimizing risk and enhancing opportunities seem simple enough, risk management entails much more than that. Additionally, it is the part of the role of the risk manager to decide how much time and effort should be spent on avoiding failures, as well as how much time and effort should be spent promoting opportunities (Homeland Security Risk Management Doctrine, 2011). It can be quite challenging to sort through complex concepts and decipher the best path forward. In one the many efforts which are made to stay aware and organized, project management can be broken down into segments, or in this case, processes. According to the PMBOK, there are six specific processes to risk management including risk management planning, risk identification, qualitative risk analysis,…

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