# Risk Management [The Risk Management Process in Project Management | ProjectManager](https://www.projectmanager.com/blog/risk-management-process-steps) - Risk = what could happen; issue = what's happening > [!summary] Phases of Risk Management > > 1. Identify > 2. Analyze = determine the likelihood > 3. Evaluate = prioritize > 4. Treat = make a plan > 5. Monitor and control = assign team members to monitor, track and mitigate - Tools and techniques - Brainstorming - Cause-and-effect diagram ([[fishbone]]) - Risk register = a table of risks, impact level, mitigation plan, etc. - **Probability** and **impact** matrix (hi, mid, lo) => inherent risk rating - Risk appetite = acceptability of a risk - Types of risks - Time - Budget - Scope = project will not produce outlined results - Single point of failure - Dependency (internal vs. external), SS, SF, FF, FS - Types of mitigation - Avoid - Minimize (Reduce or control) - Transfer - Accept