Risks And Opportunities During The Entire Project Life Cycle

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Risk is an uncertainty that can affect project objectives, deliverables both positively and negatively.
Purpose of this document is intended to address risks of the projects. Scope of this document is to manage project risks and opportunities during the entire project life cycle. Life cycle of the project is from project inception to completion of project. Project manager along with the team, project sponsor jointly develop a risk that enables us to identify, assess, quantify, prepare a response to, monitor, and control risks of the project.
Risk-Related Definitions
2.1.Risk Mitigation
2.2.Risk Contingency
2.3. Risk Reduction
2.4.Risk Identification
2.5. Risk Response
2.6. Risk Analysis
2.7. Risk Monitoring
2.8.Risk management

Risk Mitigation – Develop risk mitigation plans for post risk effects.
Risk Contingency – Strategic management of risk after it occurs.
Risk Reduction – Explains the plans and strategies to minimize risks and management them according to the possibility of risk.
Risk Identification – in this phase we determine which risks might affect the project and document them
Risk Response – Developing strategic options and actions to mitigate the risk and reduce risk to project objectives.
Risk Analysis – Analyze the probability of the identified risks and their overall impact on the project and objectives.
Risk Monitoring – Monitor identified risks, track the risks by monitoring them, look out for new risks, and evaluate their impact throughout

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