RISK MANAGEMENT PROCESS

Planning
Identification
Analysing
Response (Handling)
Monitoring and Control

Planning:

Is the process of developing and documenting an organized,

comprehensive and and methods interactive strategy for identifying
and analyzing risks, developing risk response plans, and monitoring
and controlling how risks have changed.

Identifying risks:

Is the process of examining the program areas and each critical

technical process to identify and document the associated risk.

Perform risk analysis:

Is the process of examining each identified risk to estimate the
probability and the impact(s) on the project. It includes both
qualitative risk analysis and quantitative risk analysis.

Plan risk response:

Is the process that identifies, evaluates, selects and implements one

or more strategies in order to reduce risk to an acceptable level.
What should be done , who is responsible and the the cost of it.
Following options are beeing concerned : acceptance, avoiding,
control, transfer, reducing, sharing .

The most desirable response option is selected and finally, resources

are allocated to the risk response plan (e.g. budget, personel,
equipment, facilities) and the response plan is implemented.

Monitor and control

Is the process that systematically evaluates the performance of risk

response actions against established metrics throughout the
acquisition process and it provides inputs to updating risk response
strategies.