chapter  3
Business Case
Pages 8

The purpose of the Risk theme is to identify, assess and control any uncertainties in order to improve the project's chances of success. The risk management is a prerequisite to the PRINCE2 principle of continued business justification. A Risk Management Strategy is created for a project as part of Initiating a Project. The risk management procedure has five steps such as identify, assess, implement, and communicate. A project can record risk details in a Risk Register. The Project Manager includes some form of report on any significant risks in the Highlight Report. Negotiation with the Team Manager may require the Project Manager to go back and amend some part of the original Work Package or change the Stage Plan. Before authorizing a Stage or Exception Plan, the Project Board has the opportunity to study the risk situation as part of its judgement of the continuing viability of the project.