Chapter 6: Project Risk Management
Abstract: Project risk management is the process of identifying, analyzing, and addressing potential problems that could affect a project's outcomes. The goal of project risk management is to increase the likelihood of positive events and decrease the likelihood of negative events. Here are some key aspects of project risk management: Identify risks: Define what a risk is and identify existing risks and potential future risks. A risk register is a document that helps project managers track potential risks. Evaluate risks: Consider both the positive and negative possibilities for a project to understand the overall risk level. Calculate a risk value for the project by combining all the potential risks and opportunities. Mitigate risks: Avoid, accept, reduce, or transfer risks. Communicate: Ensure stakeholders are informed about the risks. Sustain commitment: Keep the team engaged in risk management, especially under tight deadlines. Project...