Risk Categories and Taxonomy in PMI Risk Management Professional provide structured frameworks for identifying and organizing project risks. Risk Categories are groupings of risks based on common characteristics or sources, such as technical risks, external risks, organizational risks, and project management risks. These categories help ensure comprehensive risk identification across multiple dimensions of a project. Risk Taxonomy is a hierarchical classification system that organizes risks into increasingly detailed levels. It starts with broad categories and branches into more specific subcategories, creating a systematic breakdown structure. A well-developed taxonomy enables teams to locate, identify, and manage risks more effectively. The benefits of using risk categories and taxonomy include: 1. Comprehensive risk identification - ensures all types of risks are considered 2. Improved communication - provides a common language for discussing risks 3. Pattern recognition - helps identify recurring risk areas across projects 4. Better resource allocation - facilitates prioritization of risk responses 5. Knowledge transfer - captures organizational learning about risks In practice, organizations often develop custom taxonomies that reflect their specific industry, project types, and risk exposure. The PMI Risk Management framework encourages tailoring these structures to organizational needs while maintaining consistency. Risk categories and taxonomies typically appear in the Risk Management Plan and Risk Register. They serve as important inputs to risk identification workshops and inform the creation of risk breakdown structures (RBS). Effective risk management practitioners use these organizational tools not as rigid constraints but as flexible frameworks that evolve with organizational learning and project complexity, ensuring that risk identification and assessment processes remain relevant and comprehensive.

Risk Categories and Taxonomy in PMI Risk Management Professional provide structured frameworks for identifying and organizing project risks. Risk Categories are groupings of risks based on common cha…

Concepts covered: Risk Taxonomy in Risk Management, Risk Classification by Impact Area, Risk Categorization by Project Life Cycle Phases, Risk Categorization by Source: Internal vs External Risks, Risk Breakdown Structure (RBS), Risk Categorization by Risk Urgency/Proximity, Risk Categorization by Known and Unknown Risks, Common Project Risk Categories, Risk Categorization by Control Ability (Controllable vs Uncontrollable Risks)