Risk

Develop the risk management plan

Define roles and responsibilities for risk management

Identify risk thresholds and risk appetite

Establish tools, data sources, and reporting formats

Numerically analyze overall project risk

Estimate potential impact on schedule/cost

Update risk register with quantified risk exposure

Facilitate risk identification workshops (with stakeholders or SMEs)

Create a risk register

Select strategies (e.g., avoid, transfer, mitigate, accept for threats; exploit, enhance, share, accept for opportunities)

Assign risk owners

Integrate responses into the project plan (schedule, budget, etc.)

Develop contingency and fallback plans

Track execution of risk response plans

Coordinate with risk owners

Update the risk register with actions taken

Use a risk matrix (probability x impact)

Categorize and rank risks

Update the risk register with priority levels

Facilitate stakeholder reviews to assess risk perception

Conduct regular risk reviews

Track identified risks and monitor new/emerging risks

Evaluate effectiveness of responses

Update the risk register and risk report

Escalate issues as needed