Project Execution and Controlling

Identify risk for the work performed and develop a mitigation plan for the risks identified.
Risk identification consists of: determining which risks may adversely affect the project objective and what the consequences of each risk might be if they occur.
Risk assessment consists of: determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective. Develop an action plan to reduce the impact or likelihood of each risk.
Develop contingency plans may require expenditure of additional funds for using additional resources.