Risk management is the

continuing

process to identify, analyze, prioritize, mitigate and monitor the threats and opportunities to a project’s cost and schedule. Performing an initial risk assessment of the project is recommended to better determine the project’s schedule and planning estimate.

A high-level risk assessment should be performed in the early stages of project planning and more detailed levels of risk assessment should be performed as the project development advances. The level of risk management should correlate to the project’s rigor. illustrates suggested levels of risk management based on project rigor.

A

Risk Register

is the outcome of the risk management process and is a living document that should be reviewed and updated at regular project milestones. An example of a simple Risk Register is included in the DSR and illustrated in .