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Risk Management and Risk Mitigation
Project Risk Management and Risk Mitigation is the process of identifying, assessing, and mitigating risks to scope, schedule, cost and quality on a project. Risks come in the form of opportunities and threats and are scored on probability of occurrence and impact on project.
Risk Management is 1 of 10 Knowledge Areas in the Project Management Body of Knowledge (PMBOK®). Project Managers need to understand the fundamentals of risk management to get the Project Management Professional (PMP®) certification.