Determine the methods, tools and data sources that will be used for project risk management

Identify the responsible person or sponsor for each activity in the risk management plan, as well as the members of the risk management team, and clarify their responsibilities

Estimate required funds based on allocated resources and incorporate them into cost baselines to develop contingency reserves and how to use management reserves

Determine the time and frequency of implementing the risk management process during the project life cycle, formulate a plan for using the schedule contingency reserve, identify risk management activities and incorporate them into the project schedule

Generally a classification method based on project goals

To ensure the quality and credibility of risk analysis, project managers need to define different levels of risk probabilities and impacts specific to the project environment. During the planning risk management process, generic risk probability and impact definitions should be tailored to the needs of specific projects for use in subsequent processes.

It is usually up to the organization to set various combinations of probabilities and impacts, and accordingly set risk levels of medium, low and medium

Stakeholder tolerances can be revised during the planning risk management process to suit specific project circumstances.

Specify how the results of the risk management process will be recorded, analyzed and communicated, and specify the content and format of risk registers and other risk reports

Specify how risk activities will be recorded to facilitate current projects and how the risk management process will be audited

Provide as detailed a description as possible of the identified risks

In an identified risk checklist, it is sometimes possible to identify potential responses to the risk

Interviewing techniques use experience and historical data to quantitatively analyze risk probabilities and their impact on project objectives

Continuous probability distribution widely used in modeling and simulation to represent numerical uncertainty, such as uncertainty in the duration of schedule activities and the costs of project components

Helps determine which risks have the greatest potential impact on the project, and helps understand how changes in project objectives are related to changes in various uncertainties A typical representation is a tornado chart, which is used to compare the relative importance and relativity between highly uncertain variables and relatively stable variables.

Expected Monetary Value Analysis (EMV) is a statistical method of calculating the average outcome when certain circumstances may or may not occur in the future The EMV of opportunity represents a positive value, the EMV of a threat represents a negative value, and neutral is neither risk averse nor risky. The project's EMV can be calculated by multiplying the value of each possible outcome by its probability of occurrence and adding all the products together.

Project simulation aims to use a model to calculate the potential impact of uncertainty on project objectives in various aspects of the project Simulations usually use Monte Carlo techniques, in which multiple calculations are performed using the project model.

A risk response strategy that refers to actions taken by the project team to eliminate threats or protect the project from risks. Including changes to the project management plan that have completely eliminated the threat

It refers to a risk response strategy in which the project team transfers the impact of threats to a third party along with response responsibilities. Contracts or agreements can be used to transfer certain specific risks to another party In many cases, a cost-reimbursement contract transfers cost risk to the buyer, while a lump sum contract transfers the risk to the seller.

It refers to the risk response strategy in which the project team takes actions to reduce the probability or impact of risks. Including using less complex processes, conducting more tests, or choosing more reliable suppliers

Refers to the project team's decision to accept the existence of risk. The strategy can be passive or active. The passive acceptance strategy does not take any action. It only needs to record this strategy without any other actions. When the risk occurs, it will be dealt with by the project team.

Allocate the most potential resources in the organization to the project to shorten the completion time, or adopt new or improved technology to save costs and shorten the duration to achieve the project goals.

Designed to increase the likelihood and positive impact of opportunities, including increased resources by completing activities this morning

Refers to assigning some or all of the responsibility for responding to an opportunity to a third party that can best seize the opportunity for the benefit of the project.

Refers to being willing to take advantage of opportunities when they occur, but not actively pursuing them