Risk management

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A subset of project management that includes risk identification, risk quantification, risk response development, and risk response control in an effort to identify, analyse and respond to project risks.

or

Systematic application of policies, procedures, methods and practices to the tasks of identifying, analysing, evaluating, treating and monitoring risk. (The process whereby decisions are made to accept known or assessed risks and /or the implementation of actions to reduce the consequences or probability of occurrence.)

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