Project Risk Management includes the processes concerned with conducting Risk Management planning, identification, analysis, responses, and monitoring and control on a project. The objectives of Project Risk Management are to increase the probability and impact of positive events or opportunities and decrease the probability and impact of negative events in the project.

Project risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives.” Project objectives include scope, schedule, cost and quality. Project Risk Management aims to identify and prioritize risks in advance of their occurrence, and provide action-oriented information to project managers. This orientation requires consideration of events that may or may not occur and are therefore described in terms of likelihood or probability of occurrence in addition to other dimensions such as their impact on objectives.

 

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