Risk Management is the process of handling risks throughout a project’s lifecycle. It involves identifying, assessing and mitigating risks to minimise their impact.
Key Steps:
- Risk Identification: Find and describe potential risks.
- Risk Assessment: Evaluate the impact and likelihood of each risk.
- Risk Response Planning: Develop strategies to address identified risks.
- Implementation: Execute risk mitigation plans.
- Monitoring and Review: Continuously check the status of risks and adjust plans as needed.
Benefits:
- Reduces negative impacts on projects
- Improves stakeholder confidence
- Enhances overall project success