Assessment of risk is used to identified and evaluated potential risk. Anticipation of what may to wrong is done. The assessment can be:
- Qualitative: It is mainly judgemental or subjectives, based on previous experience.
- Quantitative: It manipulates past data for forecasts, especially to assess cost and time overruns.
b) Possible Actions:
They are actions required to contain the risk and minimize its impact on project success.
Risk management involves:
- Monitoring of Risk: The changes in the risk are monitored over time.
- Containing of Risk: Corrective actions are taken promptly to control risk.
- Contingency Planning for Risks: Contingency planning is done to deal with changing environmental forces.