0
Hi, Risk management is important because every project of any size is risky no matter how much planning you do. However if you don't at the very least think of the risks and then try to mitigate them, then your project has a great chance of failing. It is for this reason that you will need to fill in and update your highest project risks each week in your weekly project report and be ready to escalate them if required. Further managing risks allow you to highlight them to your project stakeholders so managing their expectations. You will quickly find in the real world that being able to manage expectations is one of the most important traits a project manager needs to have! Regards Susan - Site Editor www.my-project-management-expert.com
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What is risk management and why must risk management procedures be followed?
Risk Management is the process of managing the risks that an organization faces. The risks includes financial failures, strategic failures, market disruptions, environmental disaster and so on. Risk management identifies the type of risk exposure within the company. To overcome these risks, an organization should follow the risk management procedures. There are many companies providing risk management software, such as Maclear. So it is easy for an organization to manage the risks efficiently.
What common threads do you see between risk management and quality management?
if risk management is not done correctly, it puts pressure on quality management. So too if quality management is not carried out correctly, new unforseen risks occur putting strain on risk management
Why is it important to take risk balanced approach to risk management?
It's important to take a risk balanced approach in risk management because managers don't want to lose their entire investment on risky business deals. Although risky projects yield higher returns, they can also be the largest lost.
How would you briefly describe personal risk and property risk in risk management?
Personal Risk Management is the process of applying risk management principles to the needs of individual consumers. It is the process of identifying, measuring, and treating personal risk, followed by implementing the treatment plan and monitoring changes over time. Property Risk Management is related to assessing and managing the threats to the property. Risk management becomes all the more important when it is contextualized with property. Property Risk Management is generally protected by patents, copyrights, trademarks or trade secrets, represents noteworthy risk management issues for organizations attempting to maintain market share and competitive advantage.
What is the so what factor of risk management?
threat
Why is risk-management important in organization?
to avoid the uncetaintily things/situation risk managment is so important...
Are risk management courses required by law and why do we need them in the work place?
Yes, risk management courses are requires by law in the work place. Risk management is so important because it is the ground rules in most any given situations in the work place and insure the safety of everyone.
What the important of risk management?
Risk Management is extremely important because every project has atleast a few Risks that may affect it and if the manager doesnt plan for them, there is a 100% probability that the project will be a failure. That is why every manager has to plan risk management and execute the plan diligently Risk management planning is the process used to decide how the risk management activities for the project at hand will be performed. The major goals for planning risk management are threefold: Ensure that the type, level, and visibility of risk management are proportionate to the actual risk involved in the project and the importance of the project to the organization; secure sufficient resources, including time for risk management activities; and set up an agreed-upon basis for evaluating risks. To be more explicit, you use the risk management planning process to determine the following: • How to approach the risk management activities for this project • How to plan the risk management activities • How to execute the risk management activities
What is risk management and why must risk management procedures be followed?
Risk Management is the process of managing the risks that an organization faces. The risks includes financial failures, strategic failures, market disruptions, environmental disaster and so on. Risk management identifies the type of risk exposure within the company. To overcome these risks, an organization should follow the risk management procedures. There are many companies providing risk management software, such as Maclear. So it is easy for an organization to manage the risks efficiently.
What common threads do you see between risk management and quality management?
if risk management is not done correctly, it puts pressure on quality management. So too if quality management is not carried out correctly, new unforseen risks occur putting strain on risk management
Why is it important to take risk balanced approach to risk management?
It's important to take a risk balanced approach in risk management because managers don't want to lose their entire investment on risky business deals. Although risky projects yield higher returns, they can also be the largest lost.
What is the last step in the composite risk management Composite Risk Management process?
Supervise and evaluate is the last step in the risk management process. It's important to include time for evaluation of your efforts, and to see what you could have done better or what things you and your team did well.
How would you briefly describe personal risk and property risk in risk management?
Personal Risk Management is the process of applying risk management principles to the needs of individual consumers. It is the process of identifying, measuring, and treating personal risk, followed by implementing the treatment plan and monitoring changes over time. Property Risk Management is related to assessing and managing the threats to the property. Risk management becomes all the more important when it is contextualized with property. Property Risk Management is generally protected by patents, copyrights, trademarks or trade secrets, represents noteworthy risk management issues for organizations attempting to maintain market share and competitive advantage.
What is the so what factor of risk management?
threat
What is the difference between the traditional risk management and enterprise risk management?
The differences between traditional risk management and enterprise risk management are their strategic applications and performance metrics. Enterprise risk management involves the whole organization while traditional risk management is usually more departmentalized.
What does risk management?
Risk Management encompasses the following:- Risk Identification- Risk Quantification and Analysis- Risk Response and Control
What are potential risk in risk management?
legislation risk and reputation risk are considered to be very potential risks in risk management.
