A Research Project On Risk Management

1115 Words May 5th, 2016 5 Pages
projects? Risk is defined as an incident that has a possibility of happening, and could have either a good or bad influence to a project. A risk may have one or more reasons and impacts. If there is an uncertain event occurs, there may be an impact on the project cost, schedule or performance. All projects assume some element of risk, and it’s through risk management where tools and techniques are used to monitor and control those events that have the potential to impact the results of a project. Risk management is an ongoing processes that carry on through the life cycle of a project or an event. The risk management processes include planning, identification, analysis, monitoring and control. These processes are always needed to update throughout the project lifecycle as new risks can be traced when the project is ongoing. The main reason of risk management is to decrease the negative probability and impact to the project. On the other hand, any event that could have a positive impact should be exploited.
Effective risk management strategies allow project managers to identify project’s strengths, weaknesses, opportunities and threats. By planning for unexpected things, we can be always alert to respond if something bad occurs. To ensure a project’s success, we need to define how to handle the potential risks so that we can identify, mitigate or keep away from problems when doing the project. Successful project managers must be familiar with risk management, because…
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