Course Outcomes Define risk, risk identification, and how inadequate project risk planning can affect businesses. Describe how to qualify, quantify, and prioritize project risks. Apply suitable techniques to identify, analyze, mitigate and monitor risks in the project life cycle. Select and apply appropriate risk management tools that improve the potential for project success. Compare and contrast the threats and opportunities facing contracts and projects from a top-down and bottom-up perspective. Recognize the warning signs of cost acceleration, schedule delays, and substandard quality and make recommendations to minimize or mitigate the impact.