The Planning stage of a project is where risk management is most intensely addressed. During this phase, project teams identify and assess potential risks and opportunities that may affect the project. It involves creating a detailed risk management plan, developing strategies to address those risks, and putting in place actions to mitigate or capitalize on them. This stage includes anticipating potential risk events, determining their impact, and preparing responses.
In project management, the Planning phase is where the detailed risk management process takes place. This phase involves:
Risk identification: Determining potential risks and opportunities that might affect the project.
Risk assessment: Analyzing the likelihood and impact of these risks and opportunities.
Risk response planning: Developing strategies to mitigate negative risks and take advantage of opportunities.
Risk management is discussed in BABOK v3, Chapter 10: Techniques, Section 10.37 - Risk Analysis and Management, where it outlines the steps involved in identifying and planning for risks during the planning phase of a project.
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