Risk Practice
Identify, assess and control uncertainty through risk planning, analysis, responses, ownership, culture and data.
How to prepare for PRINCE2 Version 7
Build the project and principle foundations first, integrate people throughout the method, then connect each practice with the seven-process lifecycle and scenario tailoring.
Core concepts
Concept 1
Risk is an uncertain event or set of events that would affect objectives as a threat or opportunity.
Exam cue: Write the uncertainty as cause-event-effect before selecting a response.
Concept 2
Cause, event and effect express the risk; probability and impact determine exposure within appetite and tolerance.
Exam cue: Separate the risk owner from the person assigned a specific risk action.
Concept 3
The risk management approach and risk register record the framework, entries, owners and actions.
Concept 4
Risk planning, analysis and control select proportionate responses while accounting for culture, decision bias and data quality.
Risk pitfalls and guardrails
Recording an existing issue as a future risk.
Guardrail: Do not choose a process or role by keyword alone; confirm context, authority, product and decision purpose.
Selecting a response without considering residual and secondary risk.
Guardrail: Do not choose a process or role by keyword alone; confirm context, authority, product and decision purpose.
Memory anchors
Risk
An uncertain event or set of events that could affect objectives as a threat or opportunity.
Cause-event-effect
The source of uncertainty, what may happen and the resulting effect on objectives.
Risk ownership
The risk owner manages the risk; a risk action owner performs an assigned response action.
Checkpoint rule
Do the check-up only after you can summarize each concept in one sentence and identify one dangerous pitfall from memory.
Knowledge Check (after reading)
Short check-up to confirm understanding of this module.
Check-up Questions
What is the purpose of the risk practice?
What is a risk?
What is a threat?
Answer all questions to submit.
Next step personalized recommendations
Continue learning
Move forward only after this module is stable.
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