According to the PMBOK, 3rd edition, project risk management includes the processes of conducting Risk Management Planning, identification, analysis, responses, and monitoring and control on a project. In this chapter, you will learn how the project risk management processes increase the chance of meeting project objectives. When practiced on a project, risk management increases the potential of success and decreases the potential negative impacts the risk events may have if they occur. This planning also guides the team to develop appropriate responses. To be most effective, the project team must also continually monitor risk occurrences and take appropriate action throughout the project life cycle.