risk management

Question 1

define project risk

Answer 1

a risk is an event or set of circumstances that should it occur would have an effect on the achievement of the project objectives

Question 2

define project risk management

Question 3

steps in project risk management cycle

Answer 3

1. initiation where the risk plan is drawn up.
2. identify risks
3. assess risks
   4 risk response stategy selection
   5.risk response action planning
4. execution of risk response
5. monitor and control risks reviewing

Question 4

rules of project risk management

Answer 4

1. make risk management part of all projects
   2.identify risks early in the project life cycle
   3 communicate about risks
   4.consider threads and opportunities
2. clarify ownership issues
3. prioritize risks
4. analyse risks
5. plan and implement risk response
6. register project risks