Any unexpected event that occurs during the project tenure is termed as risk. It can have positive as well as negative impact on the project’s objectives, more commonly negative which is why it is termed as “RISK”. It is an ingredient that is attached to every phase, may it be professional, personal or interpersonal. There is risk associated to everything and without a proper strategy it is difficult to view a smooth road ahead.
We cannot deny a well managed and systematic approach towards the risk but how do we play safe to avoid it altogether?
Risk management completely deals in measuring the uncertainty present in the project or the unexpected event that may occur out of the blue. Therefore, to make one-self ready to deal with it, one should follow considerations as well as measures to cope up with the fatal risks hovering over the project during the entire tenure.
Any risk that occurs anytime while the project is rolling, drastically affects the scheduling, budgeting and its expected outcomes. It puts a radical impact on the successful result that was expected before the risk tookplace. Behavior of the team also plays a vital role during risk management. Their “All Set” attitude can safeguard the project to a great extent even before the appearance of the risk. This proves that they might have scrutinized every strategy or possible solution that can be undertaken at time of risk occurrence.
How Does The Project Deal With Risk Management?
There has to be a well planned framework to deal with risk management and so various institutes have undergone in-depth research in order to find an apt solution to it. The Project Management Institute explains the following phases that a project undergoes during the occurrence of any risk.
· Identification of the risk
· Planning on how to manage the risk
· Qualitative analysis of the risk
· Quantitative analysis of the risk
· Monitoring the risk responses
· Controlling the risk
Therefore, it is clearly visible that once the danger of risk starts floating in the project, it sustains all the above phases until the project finally becomes “risk-free”.
Risk Management and Project Management go conjointly to make the project successful catering all client’s expectations. It’s analyzed, prioritized, assessed and then controlled to cater a robust platform to the project taking it to its ultimate destination. The risk factors, although, are kept at the forefront of any project activities taking place, yet the reasonable strategies and stand solutions throughout ensure its positive outcomes.
We cannot deny a well managed and systematic approach towards the risk but how do we play safe to avoid it altogether?
Risk management completely deals in measuring the uncertainty present in the project or the unexpected event that may occur out of the blue. Therefore, to make one-self ready to deal with it, one should follow considerations as well as measures to cope up with the fatal risks hovering over the project during the entire tenure.
Any risk that occurs anytime while the project is rolling, drastically affects the scheduling, budgeting and its expected outcomes. It puts a radical impact on the successful result that was expected before the risk tookplace. Behavior of the team also plays a vital role during risk management. Their “All Set” attitude can safeguard the project to a great extent even before the appearance of the risk. This proves that they might have scrutinized every strategy or possible solution that can be undertaken at time of risk occurrence.
How Does The Project Deal With Risk Management?
There has to be a well planned framework to deal with risk management and so various institutes have undergone in-depth research in order to find an apt solution to it. The Project Management Institute explains the following phases that a project undergoes during the occurrence of any risk.
· Identification of the risk
· Planning on how to manage the risk
· Qualitative analysis of the risk
· Quantitative analysis of the risk
· Monitoring the risk responses
· Controlling the risk
Therefore, it is clearly visible that once the danger of risk starts floating in the project, it sustains all the above phases until the project finally becomes “risk-free”.
Risk Management and Project Management go conjointly to make the project successful catering all client’s expectations. It’s analyzed, prioritized, assessed and then controlled to cater a robust platform to the project taking it to its ultimate destination. The risk factors, although, are kept at the forefront of any project activities taking place, yet the reasonable strategies and stand solutions throughout ensure its positive outcomes.