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Project Risk Management in Project Planning

1. Why should all projects include risk in their project planning? What are some of the drawbacks if risks are not considered?

2. What does project risk management mean in the context of project management? Describe project risk management as a component of the project management process.

Solution Preview

Project risk management is a commonly overlooked facet of project management and ironically is the key to success of the project if risks are assessed, not only in the project planning phase but throughout its duration. Risk management can have a positive impact from selecting a project, determining scope, budget, and time, and following through to its successful implementation. Interestingly, there are positive risks and negative risks; but most often project managers want to include negative risk assessment, analysis, and attention through all the phases of the project.

It is very important to understand what a risk is: it is the possibility of loss or injury in general. A project is no exception of being immune to risks because of the many components, resources, and pieces it is made up of. Risk identification and analysis of how to manage them should be included in the project planning phase because of the possibility of a risk happening any time. It is ...

Solution Summary

This solution discusses why project planning should include risk management; the drawbacks or pitfalls if risks are not identified and addressed. It also mentions how project risk management is a coherent part of the project management process. This is all completed in 630 words.