Briefly Describe the Six Processes for Risk Management Identified in the PMBOK

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The Answer is Risk management planning is focused on how to approach and plan the risk management activities for a project. In risk identification, the risks that can affect the project for better or for worse are identified. In qualitative risk analysis, non-numerical priorities are established for the risk events identified previously. In quantitative risk analysis, probability and impact are converted into expected monetary value. In risk response planning, contingency plans are established to capture opportunities and respond to threats. In risk monitoring and control, warning signs and triggers are used to determine when corrective actions are required to bring the project back on track.
Refer to the section: Project Risk Management.

Briefly Describe the Six Processes for Risk Management Identified in the PMBOK

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