Risk Management Archives - Project Management Academy Resources

Project Risks on the PMP Exam: Variability Risk vs Ambiguity Risk

Erin Aldridge, PMP, PMI-ACP, & CSPO / September 23, 2022

Risk management is a big part of the Project Management Professional (PMP)® exam. To prepare, you’ll need to understand the types of risks that influence your project. All these uncertain events and their impacts are called project risks. This article will look at four different types of project risks. On this page: What is Risk? […]

Risk Management

Introduction to Cost Risk in Risk Management

Erin Aldridge, PMP, PMI-ACP, & CSPO / August 30, 2022

As a Project Management Institute (PMI)® Project Management Professional (PMP)®, your success depends on managing project risks, including cost risks. A primary concern of many stakeholders is the project exceeding the budget, so a solid risk management plan that addresses cost risks is essential. This article explores types and examples of cost risks and how

How to Use Risk Matrix in Project Management

Risk Management

How to Use a Risk Matrix in Project Management

Megan Bell / August 24, 2022

Within the perform qualitative risk assessment process, each identified risk’s probability and impact score is mapped within the risk matrix tool to help the Project Manager and team better understand how certain risks may impact the project. The risk matrix tool communicates the overall project risks and supplies information, increasing the effectiveness of a risk

Project Management, Risk Management

How to Monitor Risks in Project Management: This Is What Professionals Do

Erin Aldridge, PMP, PMI-ACP, & CSPO / June 27, 2022

Managing projects means learning how to handle positive and negative risks efficiently. As a project manager, you need to understand how to monitor project risks to avoid and mitigate threats while taking advantage of opportunities. Monitoring risks is crucial for effective project management. Learn more about the Monitor Risk PMP process and learn from Project