Risk Processes

Association for the Advancement of Cost Engineering (AACE) structured the risk management steps as “(1) Planning, (2) Identification, (3) Assessment, (4) Analysis, (5) Mitigation, and (6) Follow-Up” (Skills & Knowledge of Cost engineering, Fifth Edition Revised, 2007, Page 31.2).

Project Management Institute (PMI) defines the risk management processes as “(1) Planning, (2) Identification, (3) Qualitative Analysis, (4) Quantitative Analysis, (5) Planning Response, (6) Monitor and Control.” (PMBOK Guide, 2013, Page 312)