08 Aug RISK MANAGEMENT. ?If you have not responded yet, please ?simply discuss your understanding of the importance of Risk Management ?to a project, based on the chapter readings??? Ther
RISK MANAGEMENT.
If you have not responded yet, please simply discuss your understanding of the importance of Risk Management to a project, based on the chapter readings?
Theresa Copeland
RE: Week 5 Discussion
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How important is Risk Management to a project?
Risk management – “Risk management attempts to recognize and manage potential and unforeseen trouble spots that may occur when the project is implemented. Risk management identifies as many risk events as possible (what can go wrong), minimizes their impact (what can be done about the event before the project begins), manages responses to events that do materialize (contingency plans), and provides contingency funds to cover risk events that actually materialize. “(Larson, E. 2021 pg. 214).
Risk Management’s importance to a project – Risk management allows you to identify your project's strengths, weaknesses, opportunities, and threats. Also, by planning for unexpected events, you can be ready to respond if something were to happen. Many factors make risk management important to a project.
Planning for success – If you plan for internal and external risks at the beginning of a project, then you’re ready to handle any risks that may arise throughout the life of the project. This ensures your project will end successfully.
Communicating risks – It is important to let the key stakeholders of the project know about any potential risks. After all, they are the main ones funding the project and should know what to expect as soon as possible.
Proactive versus reactive – Creating and implementing a risk management plan is very important when it comes to the life of a project because it allows you to be proactive and take steps to mitigate the possible risks before they arise instead of constantly fighting them.
Resources:
Larson, E. (2021). Project Management: The Managerial Process.
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