Focuses on defining how risk management will be conducted in a project. Includes establishing risk thresholds, risk appetite, and a tailored risk management approach.

Involves identifying individual project risks and sources of overall project risk. Includes engaging stakeholders and using various tools and techniques to capture risks early.

Covers both qualitative and quantitative analysis of risks. Helps prioritize risks based on impact and probability and supports informed decision-making.

Focuses on developing and implementing strategies to address threats and opportunities. Includes escalation, avoidance, transfer, mitigation, and exploitation strategies.

Involves tracking identified risks, reassessing current risks, and identifying new ones. Ensures risk responses are executed and lessons learned are documented at project closure.