Planning and managing risk means identifying uncertain events or conditions, analyzing them, developing and executing risk responses, monitoring risks, maintaining the risk register, and communicating risk status. Risks may affect scope, schedule, cost, quality, compliance, sustainability, security, or value delivery.
Risk management is proactive. It helps the project team prepare before threats or opportunities become real events. It also supports better decisions under uncertainty.
Why This Task Matters for PMP® Preparation
PMP® exam questions often describe uncertainty, emerging threats, missed opportunities, poor risk response, outdated risk registers, or confusion between risks and issues. The best response usually involves analyzing the risk, updating the risk register, executing or revising a response, and communicating appropriately.
You should be ready to recognize that risks are uncertain, while issues have already occurred. This task is central to monitoring and control, decision-making, governance, and project resilience.
Enablers of This Task
- Identify risks.
- Analyze risks.
- Monitor and control risks.
- Develop a risk management plan.
- Maintain a risk register (e.g., poor IT security).
- Execute a risk management plan (e.g., risk response for security and managing sustainability risks).
- Communicate the status of a risk impact on the project.
To learn the Plan and Manage Risk task, you need:
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- In the PMBOK Guide 8th Edition, read chapters 3.3 (part ‘Standard’), 2.7 (part ‘PMBOK’), Section 4 (Risk management plan, Risk register, Risk report, Assumption log).
- Read chapter 2 in the Agile Practice Guide.
- Read The Standard for Risk Management in Portfolios, Programs, and Projects.
- Watch the videos:
6. Test your knowledge to complete the study of the task.