Risk identification is a proactive process of pinpointing potential risks that may affect the objectives and outcomes of a project. This involves identifying uncertainties in the project and their potential to cause harm or benefit. The risk identification process uses tools such as brainstorming, checklists, and risk breakdown structures to help identify risks. Clear documentation is important for later reference and assessment. This initial phase creates the groundwork for other risk management processes and sets the stage for risk mitigation.

Qualitative risk assessment is an approach to evaluating risk based on its probability of occurrence and the impact on project objectives. In this approach, risks are prioritized based on their potential effect on the project, helping the team to focus risk management efforts appropriately. This doesn’t require a deep mathematical understanding, rather it revolves around intuition, experience, and expert judgement. Tools like risk probability and impact matrices, risk urgency assessments, and expert interviews are typically used.

Quantitative risk assessment provides a numerical estimation on the risk probabilities and their impact on the project objectives. This approach involves complex statistical techniques and quantitative models, such as Monte Carlo simulations, decision tree analysis, and sensitivity analysis. This allows for a more rigorous and objective risk estimate which can be used to estimate cost and schedule reserves. It provides numerical results which can be easier to interpret and communicate with stakeholders.

Risk Response Planning is the process of developing strategic actions to enhance opportunities and reduce threats to projects. It involves four basic responses: mitigating, transferring, avoiding for threats, and accepting; and exploiting, enhancing, sharing for opportunities. The chosen strategy should be cost-effective, realistic within the project context, agreed upon by all parties involved, and owned by a responsible person. It's important to remember that the goal isn't to eliminate all risk, but instead to decrease the potential negative risk impacts to an acceptable level.

Risk Monitoring and Control is the process of tracking, reviewing, and regulating the progress to mitigate the identified risks, to make sure the risk response measures are effective. It involves the process of identifying, analyzing, planning, tracking, controlling, and communicating risks on a project. The goal is to improve project performance by ensuring that appropriate risk response plans are in place and effective, and, if not, executing contingency or fallback plans, or re-assessing remaining risk.

Risk register development is a critical concept in project management which becomes a central repository of all the identified risks. The registry is first created during the initial stages of the project planning and consistently updated throughout the lifespan of the project. It includes details such as the nature of the risk, the possible impacts, probability of occurrence and the strategies for mitigation. The risk register is an important tool for facilitating communication about the risks within the project team and with stakeholders, enhancing decision-making abilities and allowing a proactive approach toward risk management.

Risk probability and impact assessment involves evaluating each risk in terms of its likelihood of occurrence and the potential effect it could have on the project. This can involve quantitative or qualitative techniques. This is essential to determine how the risks can affect the potential for success. The risks with the highest likelihood and impact are known as the priority risks, these should be managed first.

Risk urgency assessment is a technique used to examine identified risks. This approach determines how soon the risk could impact the project. A risk could need immediate attention or may be dealt with later based on the urgency. It helps to guide the priority settings, thereby allowing project managers to focus on the most imminent risks and contributes to the effective allocation of resources.

Risk categorization involves grouping potential risks into categories to understand their sources and relationships. The categorisation helps to develop effective risk responses and also enables the effective management of a large number of risks. Common risk categories can include technical risks, external risks, organizational risks, and project management risks. It's an organized way of identifying and strategizing for the risks that could impact a project, which allows for a more efficient risk treatment process.

Expected monetary value analysis is a statistical technique in risk management that calculates the average outcome when the future includes scenarios that may or may not happen. This is essentially a mathematical expectation, a weighted average of all possible outcomes in terms of their probabilities of occurrence and their potential impacts in monetary terms on the project's objectives. This concept helps project managers to make informed decisions and predict the impact of risks on the project's budget or timeline.