Search for and locate risks before they become problems. Identify risks and set project priorities to arrive at a joint understanding of what is important. Identify new risks and changes. Risk analysis is performed to determine what is important to the project, to set priorities, and to allocate resources. Group risks and quantify impact, likelihood, and time frame.
Joint risks require a team process to develop mitigation plans.
Monitor risk indicators and mitigation plans. Indicators and trends provide information to activate plans and contingencies. These are also reviewed periodically to measure progress and identify new risks. Maintain visibility of risks, project priority, and mitigation plans. Actions can lead to corrections in products or processes.