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Effective risk management

Risk management is everyone's responsibility. What does this mean? Support the information that is presented. Include citations and references and provide examples and your reactions. What does responsibility involve? Why does it matter?

Answer this question in a narrative format that is 1200 words or more.

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Risk management is everyone's responsibility; what does this mean? Support the information that is presented. Include citations and references; provide examples and your reactions. What does responsibility involve? Why does it matter?

Risk Management represents the process within an organization that consists of identification of risk factors, analysis of these factors as well as the development of appropriate responses to these risk factors throughout the duration of a project with management being conducted to ensure that the best interests of the organization and its objectives are met with the least amount of risks occurring due to proper risk management that attempts to control possible future events through proactive actions capable of limited risks to the organization.

An example would entail a organization that needs new technology incorporated within a timeframe of six months, but technical employees within the organization have hypothesized that it will take 9 months to incorporate this new technology. A project manager in this situation should establish a contingency plan that can accommodate the 3 additional months if necessary to wherein solutions to potential risks and problems that may inhibit the project before the six months due date.

Risk Management Systems involve the entire organization and the system must quantify risks as well as attempt to determine the impact they will have on the organization while ascertaining what risks are acceptable and those that are unacceptable to the success of the project. This process is continuous and requires disciplined employees that are well-trained and ...

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This solution discusses effective risk management.

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