Review Chapter "Managing Risk" write up what you learned from this chapter. 3 Paragraphs Minimum (Project Management)

Critical Success Factors

Identify risks and their potential impacts before the project starts.

Involve the project team or experts in assessing risks.

Assign high priority to managing risks that have a high likelihood of occurrence and a high potential impact on the project outcome.

Develop response plans for addressing high priority risks.

summary

Risk is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective.

Risk management includes identification, assessment, monitoring, and response to project risks in order to minimize the likelihood of occurrence and/or the potential impact of adverse events on the accomplishment of the project objective.

Risk identification includes determining which risks may adversely affect the project objective and estimating what the potential impacts of each risk might be if it occurs.

Assessing each risk involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective, and then prioritizing the risks.

A risk response plan is a defined set of actions to prevent or reduce the likelihood of occurrence or the impact of a risk, or to implement if the risk event occurs.

Regularly review and evaluate all risks to determine if there are any changes to the likelihood of occurrence or the potential impact of any of the risks, or if any new risks have been identified.