Describe the Four Steps in the Risk Management Process

DESCRIBE THE FOUR STEPS IN TYPICAL RISK MANAGEMENT PROCESS:

STEP 1-RISK PLANNING: (Risk Management Plan, etc.)
STEP 2-RISK ASSESSMENT/IDENTIFICATION/ANALYSIS
(RISK IDENTIFICATION: Life-Cycle Cost Analysis,
Plan/WBS Plan Decomposition, Schedule
Analysis, Lessons Learned Files, Expert
Judgement, Baseline Cost Estimates, etc.)
(RISK ANALYSIS: Techniques, Risk ratings,
Ordinal Probability Scales, Monte Carlo
Process, etc.)
STEP 3- (RISK HANDLING)
STEP 4- (RISK MONITORING: Earned Value, Program
Metrics, Schedule performan monitoring,
Technical Performance Measurement (TPM),
lessons Learned, etc.)

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