Goal: Control project risks
After an event occurs that can be identified as a risk, you may have to respond to the risk in order to control the effect it may have on the project. The most severe risks are those that threaten to delay task, phase, or project end dates; increase the budget; overwhelm resources; or all three.
Respond to risk events To maintain control of your project after a risk event occurs, you can respond by managing the area of your project that has been affected.
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Monitor the status of your risks Problems that were handled sometimes recur; few things stay fixed forever. As your project progresses, you must routinely manage the known risks by revisiting them and tracking or changing the probability of those risks.
Watch for new risks Managing risk involves controlling your known risks, as well as watching for new risks. Revisiting old risks and watching for new ones is a cyclical activity that never stops until the project is complete.