Risk management is at the heart of project management (PM). The risk management plan is essential to maintaining continuity and uniformity in risk management activities, and positioning the PM and project team to successfully develop and deliver the project on‐time and on‐budget. The risk management plan describes how the project team will identify, evaluate, respond, and monitor risk throughout the project. Effective risk identification begins with establishing and ensuring mutual concurrence on project fundamentals. Risk identification should begin early in the project planning process. It must be completed before the PM and team can advance to risk analysis. Risk analysis is the evaluation and prioritization of identified risks. Risk response planning is conducted after risk analyses to determine the best response for each identified and prioritized risk. Risk monitoring includes the two distinct PM efforts of monitoring and controlling the risks.
Managing Risk
Transportation Project Management ; 99-118
2023-05-24
20 pages
Article/Chapter (Book)
Electronic Resource
English
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