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Quality Management Integration Management Each of these management areas consists of processes, tools and techniques that are produced and/or applied to some degree during the course of any project. The following set of illustrations depict the project management life cycle, knowledge areas, and processes used: 1.2.5.
Composite Risk Management or The Standard 5 step ap â¦ proach to project risk management consists of the following steps. 1. Risk Management Planning - This is the first step. This is where we plan and strategize on how to manage all the risks in our project. This is where the Risk Management Plan is created.