Project Risk Management Cycle & Examples
The risk management cycle Every project is subject to constant change in its business and wider environment. The risk environment is constantly changing too. The project’s priorities and relative importance of risks will shift and change. Assumptions about risk have to be regularly revisited and reconsidered, for example at each end stage assessment. The figure to the right and below show the main steps through the risk management cycle. Identify the risks Assess Evaluate the risks Identify suitable responses to risk and select Plan and resource Implement, monitor and report The risk management Examples Probability Assessment : High - quite probable Medium - more likely than not Low - possible but not likely Severity Assessment : Assess High, Med, Low based on the seriousness of consequences; amount of flexibility in dealing with problems; costs to reso...