Risk Management Introduction

Risk management is one of the essential phrases in project management these days so I’m going to go out on a bit of a limb when I suggest that it’s actually not that important. Understanding the concepts of risk management will be useful for you but I have rarely, if ever, seen it used properly.

The basic concept of risk management is a “chicken-little” assessment of the project which identifies anything significant that could possibly go wrong with the project. A risk management plan will then seek to mitigate or eliminate those risks, hopefully avoiding their consequences.

Normally project managers and business managers use it as a kind of ‘code’ to describe when the project has stuffed up. “We’re going to mitigate this risk!” they say as the deadline slips away. One of the best uses of risk management is to have a “risk” item in your regular project meetings to highlight to everyone the risks that the project currently faces.

http://www.pmhut.com/risk-management-introduction

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Risk Management Introduction