Project Management : Risk Management Essay

1381 Words Nov 29th, 2015 6 Pages

Risk Management is a standout amongst the most essential process of project management.

History had demonstrated that risk management is the basic concern to the Project Manager. The

fundamental aim of the risk management is to diminish the probability of project failure. Each and

every project irrespective how big or small, technical or non-technical, corporate or social etc., is

vulnerable to risks. If these risks are unmanaged and uncontrolled, may lead to project failure. It is

extremely impossible that a project manager manages the non-transferable risks, and complexities

of task management without definite procedure. Hence in each project’s life cycle, risks are ought

to be recognized and alleviated with some created and well defined methodologies. These

methodologies offer some assistance with projecting, and aid effectively advancing projects in

lessening the risks included and subsequently expanding the success rate. This paper means to

highlight the general four phase approach for risk management and significant risks included and

approach to risk management in an IT project. The way to deal with risk management, furthermore

the different steps included in it are additionally talked about. The question on the significance of

risk management has likewise got a little say in this paper. This article will cover the four phase

approach said by R. Max Wideman –“Project and Program Risk Management: A Guide to

Managing Project Risks…

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