Lesson 3: Identify and plan for risks

In this lesson, you learn how to identify, evaluate, and document risks in the project. To mitigate or counter a risk, you must create risk actions.

About this task

Risk management is integral to project management. Project managers analyze their environment to identify potential risks and then track and manage the risks throughout the project lifecycle. For comprehensive information about risk management, see the Define and manage risks tutorial.

To identify and manage risks:

Procedure

  1. Use the Risk work item type to record risks and evaluate the probable impact and cost. For more information, see Defining risks.
  2. Create a risk action with which you can track an action to mitigate or counter a risk. For more information, see Creating risk actions.

Lesson checkpoint

In this lesson, you learned how to record and manage risks in your project.