What is Risk Management?
Risk Management is the process of identifying, assessing, and mitigating potential risks that could impact a project or product. Risks can arise from various sources, including technical challenges, market changes, and operational issues. Effective risk management helps ensure that these risks are addressed proactively, minimizing their impact on the project’s success.
Steps in risk management include:
- Risk Identification: Recognizing potential risks that could affect the project.
- Risk Assessment: Evaluating the likelihood and impact of each risk.
- Risk Mitigation: Developing strategies to reduce or eliminate the risks.
- Monitoring and Review: Continuously tracking risks and adjusting strategies as needed.
By managing risks effectively, teams can avoid costly delays, maintain project momentum, and deliver successful outcomes.