What is project risk management?

 Project risk management is the process of identifying, assessing and mitigating risks that

may impact a project’s successful completion. It basically involves the processes of

conducting risk management planning, identification, analysis of the likelihood and

potential impact of risks, response planning, response implementation, and continuous

monitoring of risks throughout a project life cycle.

 The main goal is to minimize the negative impact of uncertainties and ensure that projects

stay on track, meet their objectives and achieve desired outcomes.

 It also enables project teams to be proactive rather than reactive to help them quickly find

problems and take appropriate actions before they become significant obstacles to project

success.

 Project risk management is an important part of project management as it can

exponentially increase the chances of a project’s successful outcome. However failure to

conduct a good risk management can cause the project to deviate from the plan and fail to

achieve the defined project objectives.