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Risk Management

What is Risk Control?

The process of monitoring and controlling and keeping track of the identified and the unidentified risks is risk control. In this process we hope to identify risks that are no longer possible and risks that are coming due, as well […]

What are Risk Response Strategies?

Risk response strategies are the approaches we can make to dealing with the risks we have identified and quantified. In the section on risk quantification we discussed evaluating the risk in terms of its impact and probability in such a […]

What is Risk Tolerance?

Risk tolerance is the willingness of some person or some organization to accept or avoid risk. In any group of people there are gamblers or risk takers and there are nongamblers or risk avoiders. People who have a low willingness […]

What is Risk Quantification?

Risk quantification is the process of evaluating the risks that have been identified and developing the data that will be needed for making decisions as to what should be done about them. Risk management is done from very early in […]

What is Risk Identification?

The first step in risk management is identifying the risks that we will see in our project. These are the things that threaten to stop us from delivering what we have promised on the schedule we promised for the budget […]

What are the Basic Steps in Risk Management?

There are usually four steps considered in managing any risk. This will vary from author to author, so we will stick with the Project Management Institute’s Guide to the Project Management Body of Knowledge. The PMBOK lists the steps in […]

What is Risk Management?

A risk is a possible unplanned event. It can be positive or negative. In project management the success of our projects depends on our ability to predict a particular outcome. Since risks are the unpredictable part of the project, it […]