Project Management Institute

Practice Standard for Project Risk Management

project risk management

Through the use of project risk management, organizations can minimize the negative impacts of threats to its projects and maximize the upside impact of opportunities.

The practice involves planning risk management; identifying and prioritizing risks before they occur; conducting a quantitative risk analysis to estimate overall project risk; responding to identified high-priority risks; and monitoring and controlling for those risks and responses to them.

The Practice Standard for Project Risk Management provides a benchmark for the project management profession that defines the aspects of project risk management recognized as good practice on most projects most of the time.

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