Managing risks on projects is a process that includes risk assessment and a mitigation strategy for those risks. Risk assessment includes both the identification of potential risk and the evaluation of the potential impact of the risk. A risk mitigation plan is designed to eliminate or minimize the impact of the risk events – occurrences that have a negative impact on the project. Identifying risk is both a creative and a disciplined process. The creative process includes brainstorming sessions where the team is asked to create a list of everything that could go wrong. All ideas are welcome at this stage, with the evaluation of the ideas coming later.

—Adrienne Watt, chapter 16

The pages which follow will cover these in more detail:

  • Risk identification
  • Risk assessment / evaluation
  • Risk control / mitigation