The sources of risks are identified and regularly updated. Potential undesirable events are identified as they develop during the conduct of the project. Risks are analyzed and the priority in which to apply resources to treatment of these risks is determined. Risk measures are defined, applied, and assessed to determine changes in the status of risk and the progress of the risk treatment activities. Appropriate treatment is taken to correct or avoid the impact of risk based on its priority, probability, and consequence or other defined risk threshold.
