Project Risk Management

A risk is anything that could potentially impact your project’s timeline, performance or budget. Risks are potentialities and a project management context, if they become realities, they then become classified as issues that must be addressed with a risk response plan. So risk management, then, is the process of identifying, categorizing, prioritizing and planning for risks before they become issues.
By developing and sticking to the project risk management plan, you are getting benefits such as:
• Assists you in avoiding major disasters.
• Increases your revenue by lowering your costs
• Ensures successful project completion
• Gives you a competitive advantage
• Increases a sense of accountability and responsibility
• Assists you in discovering new possibilities