Risk Management



Definition

Risk management is the activity consisting of the cohesive collection of all tasks that are primarily performed to lower risks to acceptable levels.

The following OML class diagram illustrates the important aggregation (single line arrows) relationships between risk management, its tasks, and its work products:

Figure of Risk Management Tasks and Work Products Go to the Risk Management activity. Go to the Risk Management Planning task. Go to the Risk Identification task. Go to the Risk Analysis task. Go to the Risk Control task. Go to the Risk Monitoring task. Go to the Risk Management Plan. Go to the Risk Analysis Work Product. Go to the Risk Monitoring Report.
Risk Management Activity, Tasks, and Work Products

Goals

The typical goals of risk management are to:

Objectives

The typical objectives of risk management are to:

Examples

Typical examples of risk management include:

Preconditions

Risk management typically may begin when the following conditions hold:

Completion Criteria

Risk management is typically complete when the following postconditions hold:

Tasks

Risk management typically involves the following teams performing the following tasks in an iterative, incremental, parallel, and time-boxed manner:

Environments

Risk management is typically performed using the following environment(s) and associated tools:

Work Products

Risk management typically results in the production of all or part of the following management work products:

Phases

Risk management tasks are typically performed during the following phases:

Phase Relevant Tasks
Business Strategy Risk ManagementPlanning, Risk Identification, Risk Analysis, Risk Control, and Risk Monitoring
Business Optimization Risk Management Planning, Risk Identification, Risk Analysis, Risk Control, and Risk Monitoring
Initiation Risk Management Planning, Risk Identification, Risk Analysis, Risk Control, and Risk Monitoring
Construction Risk Management Planning, Risk Identification, Risk Analysis, Risk Control, and Risk Monitoring
Delivery Risk Management Planning, Risk Identification, Risk Analysis, Risk Control, and Risk Monitoring
Usage Risk Management Planning, Risk Identification, Risk Analysis, Risk Control, and Risk Monitoring
Retirement Risk Management Planning, Risk Identification, Risk Analysis, Risk Control, and Risk Monitoring

Guidelines