What is the objective of Project Risk Management? To increase the likelihood of achieving project objectives by maximising the probability and impact of positive events and minimising the probability...

What is the objective of Project Risk Management?
To increase the likelihood of achieving project objectives by maximising the probability and impact of positive events and minimising the probability and impact of negative events.
Process summary:
Risk management planning
Identify project risks
Analyse and evaluate probability of each risk
Analyse and evaluate potential impact of each risk
Apply risk treatments
Assess risk management outcomes
Respond (update Risk Management Plan)
Monitor and control project risk
This assessment is undertaken using the tables that were developed whilst in the Risk Planning phase (i.e. PMBOK® Guide process 11.1)
Step 1:Identify the likelihood of the risk being realised
Step 2:Identify the impact of realised risk
Step 3:Identify the urgency of the risk
Step 4:Determine the required level of risk response