Next, it’s time to manage the project’s risk. Not many project managers realize that managing risk is their primary responsibility, but they tend to try to to it without even puzzling over it. Risk management is that the total process to spot, control, and minimize the impact of uncertain events. the target of the danger management program is to systematically reduce risk to extend the likelihood of getting the project objectives met. In effect, as project managers know, all project management is risk management. As mentioned earlier, outside obstacles are assessed and accounted for when planning the project.
The project definition takes into consideration plenty of risk management activities. The project definition establishes what the goals and constraints for the project are. during this process it’s critical to spot what the risks for your project are. you want to identify the sources of risk in your project. you need to then develop a response to every risk by examining the potential damage and also the degree of likelihood of that risk going down. Finally, you must implement the strategies that you just develop as a response and monitor the consequences of whether these changes will impact the project. If there are changes that require to require place, make sure that every one stakeholders are again apprised of things and notified of what changes will occur.
At the top of this whole process, you finish up with a solid project plan. you’ve got identified the key or required staff; the key risks including their constraints and assumptions (and have planned responses for each); the scope and schedule management plans; the project charter; a description of the project management approach or strategy; a scope statement that has project deliverables and therefore the project objectives; WBS to the extent at which control are exercised; cost estimates, scheduled start dates, and responsibility assignments that stem from WBS; performance measurement baselines for schedule and cost; and finally, major milestones and target dates for every.