What is Risk Management?
Risk is an uncertain event that may have a positive or negative impact on the project. Risk Management is the process of identifying and migrating risk.
Why is it important?
- Risk affects all aspects of the project, budget, schedule, scope, the agreed level of quality and so on
- Increase probability of positive event
- Reduce the occurrence of negative event
Here is a video on Risk Assessment vs Risk Management:
Now that you have a fare idea about Risk Assessment & Risk Management, lets get into more to know the importance of Risk Assessment in the next chapter.