The Project Management Processes take responsibility for each risk event. The project manager and the team identify which strategy is be st for each risk, an d then design specific actions to implement that strategy. Risk monitoring and control keeps trac k...
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The Project Management Processes take responsibility for each risk event. The project manager and the team identify which strategy is be st for each risk, an d then design specific actions to implement that strategy. Risk monitoring and control keeps trac k of the identified risks, residual risks, and new risks. It also ensu res the execution of r isk response plans, and evaluates their effectiven ess. Risk monitoring and control continues for the life of the project. The list of project risks changes a s the project matures, new risks develop, or anticipated risks disappear. Risks management is the management of events t hat may or may not occur, and planning for their possibl e range of impacts to the project. Because of this probabilistic and speculative nature of risk management, many project manager s feel it’s is not necessary and prefer to deal with only when the risk occurs. Contract Management Contract Management incl udes the processes requir ed to acquire goods and services
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