The Process of Risk Management

Although the steps of the risk management process occur in sequence, it is important to remember that they are repeated throughout the project. Even when a risk is identified after the initial risk identification process, it must be analyzed, responses must be planned, etc. The risk management process is very iterative.

Risk Management Planning The project manager, with the sponsor, project team, customer, stakeholders, and experts determine how risk management will be done on the project, who will be involved, and procedures to be used.