Share
Explore BrainMass

This post addresses minimizing risks in project management.

Project Risk Management includes minimizing the probability of adverse events and limiting the damages they can cause. Can you give some examples?

Solution Preview

Project management includes an extensive base of potential risks that can cause loss on projects, which is the foundation for project risk management. Large project management companies, and even some of the smaller ones, have teams of people solely dedicated to project risk management, due to the risks involved. Liability insurance for project management companies has become more comprehensive compared to how it was years ago, because there has been such an expansion in the industry. Companies protect their PM's from personal liability, as long as the PM acted in good faith, and was not negligent in his or her duties, although most PM's from larger companies also elect to cover themselves on their own. It is the same as someone in another profession where the liability is high choosing to elect optional insurance coverage for ...

Solution Summary

The solution provides a detailed discussion with examples of how to minimize the probability of adverse events and limiting the damages they can cause.

$2.19