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Project Risk Management Process
By Siraj Qureshi

The Project risk management discipline advocates proactive risk management, continuous risk assessment, and decision making throughout the project life cycle. The team continuously assesses, monitors, and actively manages risks until they are either resolved or turn into problems to be handled as such.

The risk management process defines six logical steps through which the team manages current risks, plans as well as executing risk management strategies, and documenting knowledge for the enterprise.

  1. Risk identification allows individuals to identify risks so that the team becomes aware of any potential problems.
  2. Risk analysis transforms the estimates or data about specific project risks that emerges during risk identification into a form the team can use to make decisions about prioritization.

  3. Risk planning uses the information obtained from risk analysis to formulate strategies, plans, and actions.

  4. Risk tracking monitors the status of specific risks and documents the progress in their respective action plans.

  5. Risk control is the process of executing risk action plans and their associated status reporting.

  6. Risk learning formalizes the lessons learned and relevant project documents and tools, and records that knowledge in reusable form for use within the team and by the enterprise.

Siraj is a Senior Consultant working with a reputable in the US. He has managed several IT projects for CMM level 5 organizations. Also, he is an MCP and has expertise in .Net technologies and he has around 12 years of software management and development experience. He is passionate about learning new and emerging technologies. His main interests are SDLC, .Net Framework, ASP.NET, AJAX, WCP, WPF, Web development, Application designing, Code generation, Performance tuning etc. Siraj runs a blog:

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