Risk Management

Key Takeaways The Risk That Was “Unlikely” Every project hides uncertainty, no matter how well it’s planned. When those surprises surface, such as a vendor failure or missed dependency, they remind teams that risk was always there. These moments often lead to the same reflection: “We didn’t see that coming.” Risk management isn’t about predicting […]

To earn a Project Management Institute (PMI) certification, project managers must know risk response strategies for mitigation, avoidance, transfer, exploitation, enhancement, sharing, and acceptance. All projects have risks; thus, project managers must plan risk responses to ensure positive project outcomes. On this page: What is Risk Mitigation PMP or Mitigate Risk PMP? PMP Risk Mitigation

It begins with writing down risks in an organized risk register. This one action sets off a domino effect: better analysis, smarter prioritization, and the chance to show results in a risk report that gets things done. When stakeholders can see this information clearly, they make quicker, smarter choices, and the project immediately gains momentum.

Several questions on the Project Management Professional (PMP)® exam test your ability to manage and identify risks. But did you know there are several different types of risks? In this article, we’ll introduce you to two less-talked-about risks: secondary and residual risks. We’ll discuss why they need to be addressed along with the initial risks.

Project Management Institute’s (PMI) inclusion of risk management skills in multiple PMI certifications indicates the importance of risk across industries and in all projects. The risk management process includes risk identification and risk assessment. During an assessment, the project manager uses standard risk tools and quality data to help the team better avert later problems,

A project risk is an event that has not yet happened and that may positively or negatively impact a project if it does happen. Negative risks are referred to as threats, and positive risks are referred to as opportunities. Every project is characterized by both types, but many project managers actually do not pay much