Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project. The objectives of project risk management are to increase the probability and/or impact of positive risks and to decrease the probability and/or impact of negative risks, in order to optimize the chances of project success.

The Project Risk Management processes are:

11.1 Plan Risk Management—The process of defining how to conduct risk management activities for a project.

11.2 Identify Risks—The process of identifying individual project risks as well as sources of overall project risk, and documenting their characteristics.

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