The risk may be reduced to an acceptable level by reducing either or both of uncertainty and constraint. In practice, few people have the opportunity to reduce constraint, so most focus on the reduction of uncertainty. It is also worth noting from the diagram that total elimination of risk is rarely achieved. So we have to consider how to manage that remaining risk most effectively. There are two stages in the process of Project Risk Management, Risk Assessment and Risk Control.
Risk Assessment can take place at any time during the project, though the sooner the better.
However, Risk Control cannot be effective without a previous Risk Assessment. Similarly, most people tend to think that having performed a Risk Assessment, they have done all that is needed. Far too many projects spend a great deal of effort on Risk Assessment and then ignore Risk control completely. Analyse Risks Specify how those areas of uncertainty can impact the performance of the project, either in duration, cost or meeting the users' requirements. Prioritise Risks Establish which of those Risks should be eliminated completely, because of potential extreme impact, which should have regular management attention, and which are sufficiently minor to avoid detailed management attention.