6.6 Risk Management
Project risks have an impact on the project objectives and need a planned response . Project risk management processes ensure proper planning, identification, IS 15883 (Part 1) : 2009 analysis. monitoring and control to the best interest of the project.
Risk management planning processes develop an approach to risk management activities which include planning. execution and monitoring . A risk management plan should define lead and support role responsibilities of project team in relation to management. budgeting. risk responsive scheduling. classification of risk activities based on risk break-down structure and explanation of probability and impact for risk context.
Risk response planning determines actions required for reducing impact of risks. Risk responses are established and assigned to appropriate project participants.
