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Risk Management

 Definition of Risk

“the implications of the existence of significant uncertainty about the level of project performance achievable”

Project risk

combination of the probability of an event occurring and its consequences for project objectives

Risk Management 

systematic application of management policies, procedures and practices to the tasks of establishing the context, identifying, analysing, evaluating, treating, monitoring and communicating risk 

Risk Management Process 

consists of all the project activities related to the identification, assessment, reduction, acceptance, and feedback of risks

 

Risk management is a means of dealing with uncertainty – identifying sources of uncertainty and the risks associated with them, and then managing those risks to minimise or avoid negative outcomes.  The need to manage uncertainty is inherent in most projects which require formal project management.