Risk Assessment is the process of determining the probability of the identified risks and assessing their potential impact. During this step, both qualitative and quantitative risk assessment methods are used. Quantitative risk assessment provides numerical estimates of probabilities. Qualitative risk assessment, on the other hand, categorizes risks based on their impact and likelihood. It's crucial to understand that risk assessment isn’t a one-time event. It’s a continuous process throughout the project.

Risk Monitoring and Control entails tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk processes' effectiveness throughout the project. Tools like risk audits, risk reassessment, variance and trend analysis, technical performance measurements, reserve analysis, and status meetings are used in this process. This is an ongoing process as new risks can arise, and previous risks may no longer be relevant and need to be revised or withdrawn.

Risk Communication is a vital component of the overall risk management process. It involves the timely and accurate conveyance of risk-related information to the stakeholders. Risk Communication aims to equip all stakeholders with the knowledge and understanding of the risk context, helping them make informed decisions about risk management tasks and responsibilities. An effective risk communication strategy creates risk awareness among all project stakeholder groups and promotes an understanding of the articulation of risk, or what the organization considers an acceptable level of risk.

Qualitative Risk Analysis evaluates and prioritizes identified risks based on their potential impact and likelihood of occurrence. It subjectively gauges each risk for its probability and impact on project objectives using scales like high-medium-low or on a numeric scale. Inputs to the process are Risk Register and Project documents. Tools used are Probability and Impact Matrix which ranks risks based on their scores, and Risk Data Quality Assessment. The process aids in determining which risks require further analysis or response strategies. It should be a continuous process throughout the project lifecycle to account for changes in risks.

Quantitative Risk Analysis is a way of numerically analyzing the effect of identified risks on overall project objectives using techniques like Monte Carlo simulation and Decision Tree Analysis. It assesses the probable impact on project schedule and cost objectives, providing statistical data like probabilities of reaching objectives and probable project completion dates and costs. It informs about quantifiable likely outcomes of risks and decision-making under uncertainty. However, it requires high quality data and computation, and may not be justified for low complexity projects or those with less at stake.

Risk Review is an ongoing process during the project lifecycle. It involves re-evaluating existing risks and reassessing their impact and probability, identifying new risks, and re-analyzing and reclassifying risks when required to ensure all risks are being tracked and that plans remain relevant.The reviews are primarily done to ensure that the risk response is effective in the long run and as planned, and that the overall project's risk is acceptably low. These reviews can provide learnings to be applied for future projects.

Risk Prioritization is the act of deciding what risks are the most critical to a project. This is done based on the assessed risk impact and likelihood of occurrence to determine risk exposure. The Risk Exposure is calculated by multiplying the likelihood of occurrence with the potential impact. High exposure risks must be addressed first as they have the largest potential to impact the project negatively. Prioritization of risks helps project teams to focus their efforts on addressing the highest risks, thereby improving overall project outcomes.

Risk Management Plan is a document prepared by the project manager to foresee risks, estimate impacts, and define responses to issues. It also contains a risk assessment matrix. A Risk Management Plan is created to identify potential risks, to reduce the likelihood of occurrence, and to mitigate the impact if they were to occur. This plan is a prerequisite for achieving a smoothly operated project and would serve as a guide to manage risks throughout the entire life cycle of the project.

The Risk Register is a document that serves as a repository for all information related to identified risks. It typically includes details such as risk description, risk owner, risk triggers, potential impact, probability of occurrence, risk classification, existing and planned response strategies. The Risk Register is a dynamic document that is updated throughout the project lifecycle based on changes in project conditions, identified new risks or updated risk status. This constantly updated document helps in comprehensive risk monitoring and tracking.

Risk Breakdown Structure (RBS) is a hierarchically organized depiction of the identified project risks, arranged by risk category. RBS is used as a tool to understand and communicate the risk profile of the project. It helps the project team and stakeholders to understand the source of risks, their relationships, and impacts. RBS also helps in effectively allocating resources for risk response planning and in focusing on high-priority risk categories.