Why Project Managers Should Opt Project Risk Management?
Project risk management is a big perspective on recognizing the risks that can cause a project to stop to meet its plans and aims. When risks are identified, the next problem is to identify the main causes or reasons for risks. A common approach is defined and followed by a discussion of many qualitative and quantitative methods for evaluating risks. Risk is the effect of an event and its probability of h appening. It is the chance of something occurring that will have an effect on the project’s timeline, performance or budget. This effect may be negative or positive, meaning that risks may cause an opportunity or a warning. That is why project risk management can be value-enhancing or value protecting. Reducing the effect of negative risk or threats preserves value. Taking considered risks to gain growth, transformation and innovation increases value. We can most successfully handle risks when they are identified clearly, and their effect can be calculated. Risk identification ma