The purpose of Project Risk Management is to identify project risks and develop strategies to prevent them from occurring or minimize their impact to the project if they do occur.
Project risks exist because of uncertainty. There is always the possibility that something known or unknown could impact the achievement of your project’s goals. Risk management is about being prepared to handle these risks.
As the project manager, there are four basics of risk management that you can use to manage your project’s risks…
- Identify Risks
- Risk Assessment
- Risk Response Development
- Monitor and Control Risks