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Project Risk Management Process - Flow chart download

by | reviewed 06/11/2023
The risk management process is a critical component of project management that involves the identification, analysis, and mitigation of potential risks that could adversely affect the completion of a project. This flow chart includes the identification of risks, documentation, qualitative and quantitative analysis, and the planning of appropriate risk responses. Decision points are incorporated to ensure that the quality of the risk analysis is sufficient and to determine whether to proceed with quantitative analysis or to bypass it. The process culminates with the implementation of risk responses, monitoring of risks, and the final review to ensure that all risks have been managed effectively. You can download this flow chart in PDF and Visio or you can edit it with Lucidchart.
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Screenshot of part of a Project Risk Management flow chart

Description of each step in the process

  1. Start Project Risk Management: The initial phase where the project team commits to the risk management process.
  2. Identify Risks: The team identifies all potential risks that could impact the project. This involves brainstorming, expert input, and reviewing historical data.
  3. Risks Documented: All identified risks are documented, typically in a risk register, which includes their characteristics and potential impact.
  4. Perform Qualitative Risk Analysis: A qualitative review of the identified risks to assess their severity and likelihood. This step often involves ranking or scoring risks to prioritize them.
  5. Sufficient Quality?: A decision point where the team assesses if the qualitative analysis provides enough detail for effective risk management. If not, the team may return to the Identify Risks step to gather more information.
  6. Quantitative Analysis Needed?: A decision point to determine whether quantitative analysis is necessary. If not, the process moves directly to planning risk responses.
  7. Bypass Quantitative Analysis (if quantitative analysis is not needed): Skips the quantitative analysis and proceeds directly to planning risk responses.
  8. Perform Quantitative Risk Analysis (if needed): A more in-depth analysis that quantifies the probability and impact of risks, often using statistical methods.
  9. Plan Risk Responses: The team develops options and actions to enhance opportunities and reduce threats to the project's objectives.
  10. Identify Risk Response Strategies: Specific strategies such as avoid, transfer, mitigate, accept, or escalate are identified for each risk.
  11. Evaluate & Prioritize Strategies: The identified strategies are evaluated for effectiveness and prioritized based on their potential benefit and cost.
  12. Assign Resources & Responsibilities: Resources are allocated to implement the chosen risk responses, and responsibilities are assigned to team members.
  13. Responses Documented: The planned risk responses, along with the assigned resources and responsibilities, are documented.
  14. Implement Risk Responses: The actual implementation of the risk response plans.
  15. Implementation Successful?: A review to determine if the risk responses have been successfully implemented. If not, the process may return to the Plan Risk Responses step.
  16. Monitor Risks: Ongoing monitoring of risks and the effectiveness of responses throughout the project lifecycle.
  17. Monitor Outcomes: Regular review of monitoring results to decide if the risk management actions are effective or if adjustments are needed.
  18. Adjustments Needed: If monitoring indicates that changes are necessary, the process may cycle back to implement further risk responses.
  19. End of Risk Management Process: The conclusion of the risk management process, typically at the end of the project or when all risks have been adequately addressed.
Each of these steps is designed to ensure that risks are identified, analyzed, and managed proactively throughout the life of the project.

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Risk Management Flow Chart in Visio

PDF of Risk Management flow chart

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