Risk Assessment

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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:

https://www.youtube.com/watch?v=dfEpgPM2OZg

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.