What is risk management?

Risk management is the process of planning how the team will manage project risks. Risk management activities include identifying project risks (risk assessment), and deciding how to respond to risks. Risk responses may include avoiding risks, mitigating them, or even just ignoring the risks if they're not significant or if they're extremely unlikely to occur. Risk management is a key part of a project manager's role. One of the most important project management activities is to monitoring the status of identified risks and ensure they're dealt with appropriately.

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