What is the importance of risk in project management?
In our personal lives, risk can be problematic, even devastating. However, in the business world, companies perceive risks as a potential hindrance that can lead to disaster. As such, managing risks is an integral part of project management.TypesIn business, there are many types of risk that can potentially impact a project. Project management teams can begin the process of managing risks by identifying the types of risks that are relevant to the project being implemented.Avoiding RisksOnce the project management team has identified what its specific project risks are, it can work on a strategy to avoid those risks. Taking steps to avoid risks is a proactive approach to risk management.Minimizing RisksSome risks cannot be completely avoided, such as external risks that may be beyond the control of the project team. As such, project management teams should do what they can to minimize whatever risks can be minimized. In turn, this can help protect a project’s completion and success.Reco
