Concepts: Risk Management
Project risk management is the process of recognizing, analyzing, and responding to any risks that may arise throughout the course of a project in order to keep it on track and fulfil its objectives. Risk management should not only be reactive; it should also be part of the planning process to identify potential project hazards and determine how to manage them if they arise (ProjectManager, 2021).
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A risk is anything that has the potential to change a project's timeline, effectiveness, or cost. In project management, risks are potentialities that, if realized, are classified as "issues" that need a risk response strategy. The process of recognizing, categorizing, prioritizing, and planning for hazards before they arise is known as risk management.
Typically, project managers are in charge of overseeing the risk management procedure throughout the duration of a project
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What is risk management?
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Why is Risk Management Important?
Risk management enables project success, Risk management is an important process because it provides a project with the tools it needs to detect and address possible hazards. It is much easier to reduce a risk once it has been identified.