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    changeDescription="moved first paragraph with risk definition to Concept-risk; replaced quantify by qualify">
  <mainDescription>&lt;h3>&#xD;
    Introduction to Risk Management&#xD;
&lt;/h3>&#xD;
&lt;p>&#xD;
    Every project contains some measure of uncertainty. &lt;strong>Risk Management&lt;/strong>&amp;nbsp;deals with this uncertainty,&#xD;
    trying to understand its&amp;nbsp;potential influence on the project. The purpose of Risk Management is to increase the&#xD;
    probability and impact of positive events and decrease the probability and impact of events adverse to the project [&lt;a class=&quot;elementLinkWithUserText&quot; href=&quot;./../../../openup/guidances/supportingmaterials/references_6CCF393.html#PMI04&quot; guid=&quot;_9ToeIB83Edqsvps02rpOOg&quot;>PMI04&lt;/a>]. The project manager, team, and stakeholders should be involved in risk&#xD;
    management.&#xD;
&lt;/p>&#xD;
&lt;h3>&#xD;
    Identify Risks&#xD;
&lt;/h3>&#xD;
&lt;p>&#xD;
    Identify risks as soon as the project starts and document them in the &lt;a class=&quot;elementLink&quot; href=&quot;./../../../openup/workproducts/risk_list_C4B6F290.html&quot; guid=&quot;_Ckay8Cc_EduIsqH1Q6ZuqA&quot;>Risk List&lt;/a>.&amp;nbsp;Continue&#xD;
    identifying and managing risks throughout the project. A common mistake is to identify risks only at the beginning of&#xD;
    the project and then only track the status of these initial risks. The &lt;a class=&quot;elementLink&quot; href=&quot;./../../../openup/workproducts/risk_list_C4B6F290.html&quot; guid=&quot;_Ckay8Cc_EduIsqH1Q6ZuqA&quot;>Risk List&lt;/a>&amp;nbsp; should be&#xD;
    revisited weekly, or as a minimum when performing task &lt;a class=&quot;elementLink&quot; href=&quot;./../../../openup/tasks/plan_iteration_957C90DC.html&quot; guid=&quot;_0keUEMlgEdmt3adZL5Dmdw&quot;>Plan Iteration&lt;/a>, to add any&#xD;
    newly discovered risks.&#xD;
&lt;/p>&#xD;
&lt;h3>&#xD;
    Prioritize Risks&#xD;
&lt;/h3>&#xD;
&lt;p>&#xD;
    Prioritize risks for further analysis or action. A good approach for prioritizing risks is to have an attribute called&#xD;
    risk magnitude, a combination of the risk probability and the risk impact. Each iteration provides a chance&amp;nbsp;for&#xD;
    better understanding of stakeholder needs, the team capabilities, the technology at hand, and so on. Capture, qualify&#xD;
    and prioritize risks as they arise. High magnitude risks are&amp;nbsp;attacked first, thus&amp;nbsp;improving the chances of&#xD;
    project success and minimizing uncertainty. See &lt;a class=&quot;elementLinkWithType&quot; href=&quot;./../../../openup/guidances/templates/risk_list_33A6AE1E.html&quot; guid=&quot;_MIUO0C8FEduzydamRseoUw&quot;>Template: Risk List&lt;/a>&amp;nbsp;for more information.&#xD;
&lt;/p>&#xD;
&lt;h3>&#xD;
    Select Risk Response Strategies&#xD;
&lt;/h3>&#xD;
&lt;p>&#xD;
    You are trying to mitigate or tackle the high priority risks as early as possible in the project. In order to achieve&#xD;
    this you need to get a good grip on the risks the project is faced with, and have clear strategies on how to mitigate&#xD;
    or deal with them.&amp;nbsp; Once you have chosen a set of risks to focus on, develop options and determine actions to&#xD;
    enhance opportunities and reduce threats, selecting a strategy, as described in &lt;a class=&quot;elementLinkWithType&quot; href=&quot;./../../../openup/guidances/concepts/risk_AF5840DA.html&quot; guid=&quot;_0bsLgMlgEdmt3adZL5Dmdw&quot;>Concept: Risk&lt;/a>. Sometimes&#xD;
    strategies can be determined for each cause, rather than each risk, eliminating many risks at once.&#xD;
&lt;/p>&#xD;
&lt;h3>&#xD;
    Plan Risk Response&#xD;
&lt;/h3>&#xD;
&lt;p>&#xD;
    For each selected strategy, identify and assign tasks to apply the strategy to the given risk. Place those tasks on the&#xD;
    &lt;a class=&quot;elementLink&quot; href=&quot;./../../../openup/workproducts/work_items_list_39D03CC8.html&quot; guid=&quot;_rGNWsCbSEdqh1LYUOGRh2A&quot;>Work Items List&lt;/a>&amp;nbsp;so they can be assigned to iterations. Keep a&amp;nbsp;reference to&#xD;
    the risk for traceability. The effort must be appropriate to the magniture of the risk. Avoid spending more preventing&#xD;
    a threat than the impact from the risk if it occurs.&#xD;
&lt;/p>&#xD;
&lt;h3>&#xD;
    Monitor Risks&#xD;
&lt;/h3>&#xD;
&lt;p id=&quot;comment_text_4&quot;>&#xD;
    Follow up regularly on risk-mitigation/enhancing actions. Risk reviews should be held&amp;nbsp;when performing task &lt;a class=&quot;elementLink&quot; href=&quot;./../../../openup/tasks/assess_results_EC34D88D.html&quot; guid=&quot;_0l53cMlgEdmt3adZL5Dmdw&quot;>Assess Results&lt;/a>&amp;nbsp;to determine whether the information about project risks is up to date, and to assess whether any&#xD;
    changes are necessary. The team may decide to try another strategy if the chosen strategy does not reduce/increase the&#xD;
    magnitude of a risk.&#xD;
&lt;/p></mainDescription>
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