project risk management defined
Risks in a project, should they come to fruition, can mean total project failure, increased costs, and extended project duration among other things. Risk often has a negative connotation, but like the parachutist, the acceptance of the risk can also offer a reward. For the parachutist, the risk is certain death—but the reward is the thrill of the activity. For project managers, risk can mean failure, but the reward can mean a time or cost savings, as well as other benefits. Risk management is the process in which the project manager and project team identify project risks, analyze and rank them, and determine what actions, if any, need to be taken to avert these threats.
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