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The Six Major Processes Involved in Risk Management

List and briefly describe the six major processes involved in risk management. Give examples of each of the six processes to support your answer.

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The first major process involved in risk management, is the process developing an effective risk management plan. Developing a risk management plan essentially involves analyzing the totality of the environmental situation surrounding a project etc., so the pertinent risk management activities can be thoroughly analyzed in reference to efficacy these activities in contributing to the development of a risk management plan. An example of effective risk management planning, would be a project manager analyzing the project management situation, the overall mission of a given project, how the project will be executed, the supporting elements of the project, and the coordination and communication between supporting elements of the project. The result of the project analyzing the risks involved with each aspect of the project, and developing proactive activities by which to prevent risks from occurring, will result in a risk management plan.

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