Risk management involves identifying, assessing, and responding to project risks in order to minimise the likelihood of occurrence and/or potential impact of adverse events on the achievement of the project objective.

Question

Quizplus · Accepted Answer

Risk management is a crucial part of project management and involves proactive planning and response to potential risks that could impact project success. It includes identifying potential risks, assessing the likelihood and impact of those risks, and developing strategies to either avoid or mitigate them. By effectively managing risks, project teams can increase the likelihood of meeting project timelines, budgets, and quality goals.

Risk Management Involves Identifying, Assessing, and Responding to Project Risks