Construction Extension to the PMBOK® Guide

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PROJECT RISK MANAGEMENT

Project risk management includes the processes for conducting risk management planning, identification, analysis, response planning, and controlling on a project. Project risk management is essential for successful project management and should be applied throughout a project's life cycle. The root objectives of project risk management are to increase the likelihood and impact of positive events or opportunities while decreasing the likelihood and impact of negative events or threats to the project. Project risk management can be considered an extension of other project management processes, for example, addressing the uncertainty in project estimates and validity of assumptions. Project risk management assists stakeholders ...