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Risk is described by the Project Management Institute (PMI®) as "An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives." Use the steps of Identify, Analyze, Prioritize, Assign, Plan, Monitor, Treat, and Report in the Risk Management Process (PMP) to more effectively ensure that your project achieves all of its goals. There are tools and techniques for risk management for each risk management process. Determine your company's or client's risk tolerance as part of your risk management job because it affects the amount of effort you should put into each risk management process.

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