Likelihood × impact drives the response
Risk Management as a Working Practice
Identification, qualitative and quantitative analysis, response strategies, and the live risk register.
On this page
A risk is an uncertain event with an effect on objectives. An issue is a risk that has occurred. Confusing the two is why so many registers are actually issue logs.
Write risks properly
Response strategies
| Threats | Opportunities |
|---|---|
| Avoid — remove the cause | Exploit — make it certain |
| Transfer — insurance, fixed-price contract | Share — partner to capture it |
| Mitigate — reduce probability or impact | Enhance — increase probability or impact |
| Accept — reserve budget, monitor | Accept — take it if it arrives |
- Every risk needs a named owner, a trigger condition and a review date.
- Contingency reserve covers known unknowns and belongs to the project manager.
- Management reserve covers unknown unknowns and belongs to the sponsor.
- Review the top ten risks in every steering meeting; archive dead ones ruthlessly.
Related PMI standards & templates
External resources on pmi.org — links open in a new tab. Some require PMI membership.
PMI standard templates for this topic
Editable Word and print-ready PDF downloads — no sign-up required.
- Project charter template →A PMI standard project charter template with a section-by-section walkthrough, a filled-in example and the sign-off block sponsors actually ask for.
- Project status report template →A PMI standard project status report template with a RAG summary, milestone and budget tables, a filled-in example and the decisions block sponsors actually read.
- RAID log template →A PMI standard RAID log template with risks, assumptions, issues and dependencies in one register, a 1-25 scoring key and a filled-in example you can copy.
- Lessons learned log template →A PMI standard lessons learned log template with a facilitation walkthrough, a worked example and the review cadence that stops lessons being written from memory at closure.
The PM Delivery Toolkit turns everything in this guide into fill-in templates — $25, one payment.
Get five PM habits that quietly save projects
Baselines, critical path discipline, RAID logs that people read, range estimating and status packs sponsors act on — sent straight to your inbox, free.
One email, no spam, unsubscribe any time.
Discussion
Share how you applied this in practice, ask a question, or add a tip for other readers.
Loading comments…