Description
Risk definition is difficult with risk management, allowing users to set contingencies for risk. Although not foolproof, it allows management of risks throughout a project’s lifecycle. Consider risk management as a process—its benefits, its level of importance between projects, and the effects when it is not present. Think about how a project must utilize risk management in all of its life cycle.
- How much risk management would you consider prior to project initiation and why?
- Is it possible to plan for all known risks? Why or why not?
Explanation & Answer
Attached.
Running head: RISK MANAGEMENT
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RISK MANAGEMENT
Institutional affiliation:
Date:
RISK MANAGEMENT
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Risk Management
How much risk management would you consider prior to project initiation and why?
According to McNeil, & Embrechts, (2015) the risk management that I would consider
prior to project initiation is total risk management. There are both known and the unknown risks
in relation to the project. Of the known risks I will ensure that they are solved prior to the project
and also put triggers in place that will help me identify the risk at an early stage. This will ensure
that the countering process is done before harm spreads to a large scale. Of the unknown ...
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