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    Risk Management: The Importance of Identifying and Categorizing Risks

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    State the importance of identifying risks and categorizing them as high, medium or low probability. Explain why risks associated with the critical path of the project need special attention.

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    It is important to identify risks and categorize them in advance so that a contingency plan can be developed. Identifying options or a Plan B is critical in project management. As some occurrences are unforeseeable, it is important to allow additional time in each phase of implementation, for example, to contend for issues or risks which were ...

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    This solution discusses risk management in 211 words.