Prince2_ Risk _Management_Procedure

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The Risk Management Procedure is a set of five steps that are recommended by PRINCE2. To help remember this, think of the following sentence when you think of Risk: Identify, Assess, Plan, Implement and Communicate. The first 4 steps are sequential, while Communicate will always be done to let stakeholders know what is going on and to get continual feedback during this process. Risk management steps: Identify: First complete the Risk Management Strategy document for the project, and then identify the risks (threats and opportunities) that could affect the project. Assess: Assess the risks in terms of their probability and impact on the project objectives. Plan: Here, your Plan steps are to prepare the specific response to the threats (e.g., to help reduce or avoid the threat), or this could also be to plan to maximize the opportunity if the risk happens. Implement: Carry out the planned responses mentioned in step 3 Plan if the risk occurs. Communicate: Keep communicating to the stakeholders. Use existing management reports that are created during the project More info about Prince2 Training: https://unichrone.com/prince2-foundation-practitioner-certification-training/

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