Stages of Risk Management

Risk management is an application that will continue throughout the life cycle of the project. It usually includes several variations of the following five steps:

• [ ] Identify the risk.
• [ ] Analyze the risk.
• [ ] Evaluate the risk.
• [ ] Eliminate the risk.
• [ ] Monitor and control risk.

Tools to Help Identify Risks

1. Brainstorm
2. Cause-Effect Diagram
3. Probability and Effect Matrix
4. Fishbone Diagram

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USEFUL RESOURCES for Risk Management and Tools