Project Risk Management Framework by Project Management Basics

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Plan Risk Qualitative Risk Quantitative Risk Plan Risk Implement Risk
Identify Risks Monitor Risks
Management Analysis Analysis Responses Responses
Don’t invent Risk Log all risks into Risk Prepare Impact and Preform additional Strategies for Risks: Work with project team Monitor and Identify new
Management. Check Register Probability grades analysis of the most • Avoid and stakeholders to risks.
available resource in the description critical risks. • Transfer implement Risk
organization. Use these techniques: • Mitigate Responses. Control efficiency of Risk
• Brainstorming Assess Impact and Quantify Impact and • Accept Responses
• Talk with PMs • Checklists Probability for all risks: Probability of risks • Escalate Work with Risk Owners.
• Talk with leadership • Categories • Use Expert Judgement Continuously identify new
• Review Policies • Interviews • Brainstorming Use Decision Tree Strategies for Monitor and Identify new risks and risks that appear
• Review Procedures • Root Cause Analysis • Group discussions Analysis Opportunities: risks. because of Risk
• Collect Templates • Documentation review • Escalate Responses.
• Identify Risk Tolerance • Assumption Analysis • Exploit
• Identify Risk Thresholds • SWOT Analysis • Share
• Project Management • Enhance
Develop a Risk Review • Accept
Management approach

Main Outputs
1. Create a Risk 1. Filled in Risk Register 1. Shortlist of Risks Updates to: 1. Updates to Project 1. Risk Reports 1. Change Requests
Management Plan 2. Risk Reports 1. Shortlist of Risks Management plan 2. Lessons Learned 2. Risk Reports
3. Risk Categorization 2. Risk Reports 2. Change Requests 3. Update to Risk Register 3. Update to Risk Register
3. Risk Categorization

Recourses (click the links to learn more about each process)

1. Risk Management 1. How to Identify Risks 1. How to Perform 1. How to Perform 1. Review of Risk 1. Risk Management 1. Project Change
Framework Explained Qualitative Risk Quantitative Risk Response Strategies Examples Management Process
2. Risk Identification Analysis Analysis (EXT) with Examples
2. Simple Risk Techniques
Management Plan 3. List of Risk Categories
3. Risk Register Example
4. Risk Register
Template