Risk Management in PRINCE2 | Prince2 Certification Mumbai - World Of Agile What is risk? PRINCE2 defines a risk as an uncertain event or set of events that, should it occur, will have an effect on the achievement of objectives. It consists of a combination of the probability of a perceived threat or opportunity occurring, and the magnitude of its impact on objectives, where: ● Threat is used to describe an uncertain event that could have a negative impact on objectives ● Opportunity is used to describe an uncertain event that could have a favourable impact on objectives In the context of a project, it is the project’s objectives that are at risk. These will include completing the project to a number of targets, typically covering time, cost, quality, scope, benefits and risk. What is risk management? The term risk management refers to the systematic application of procedures to the tasks of identifying and assessing risks, and then planning and implementing risk responses. For risk management to be effective as per PRINCE2, risks need to be: Identified, Assessed and Controlled. The Project may need to align its risk management approach with organisational, programme or portfolio policies standards and processes. PRINCE2 recommends a risk management procedure comprising the following five steps: ● Identify (context and risks) ● Assess (i.e. Estimate and Evaluate)
● Plan ● Implement ● Communicate The first four steps are sequential, with the ’Communicate’ step running in parallel because the findings of any of the other steps may need to be Communicated prior to the completion of the overall process. For More Information, Follow the Links below- Website - https://worldofagile.com/ Facebook - https://www.facebook.com/Fascinating.World.Of.Agile/ Twitter - https://twitter.com/WorldOfAgile LinkedIn - https://www.linkedin.com/company/world-of-agile/ YouTube - https://www.youtube.com/c/WorldOfAgile Tags - Scrum Master Certification, S crum Master Certification Mumbai, Scrum Master Certification Pune, Certified Scrum Master Training in Delhi, Scrum Master Certification Kolkata, CSPO Certification, Agile Scrum Master Certification Online, Advanced Certified Scrum Master Training, DevOps Training, Prince2 Certification, PMP Certification, ITIL Certification