Project Management

Project Risk Management

Importance of Risk Management

The identification and analysis of risk is inevitable for the success of any project or business plan (Cervone, 2006). Calculating and analyzing the risk associated with a project is done by the project manager, and he needs to ensure that risks are minimal. Project risk can be defined as unforeseen activity that can hinder the progress of any project, or impact in a positive way. In risk management, risks identified, assessed, and prioritized so that the resources can be minimized, monitored, and controlled; and the probability of unfortunate events can be reduced.

The management of ...