We identify the hazards in order to have clear vision to decide what are the impact and
Likelihood of each risk. Risks have to be evaluated to decide the precautions.
Risk management plan has to be prepared to monitor and control risks.
project manager leads meetings with the team to update risks probabilities and impacts.
Risk management software programs can be used to calculate the probabilities of
completing the projects at certain times or certain budget.
Other programs could be used to monitor the risks and calculate the expected monetary
value that help top management in getting prepared in case risks take place.