Risk is involved in every project, that is why establishing a management strategy that is applicable to all kids of projects is crucial. Handling project risk involves an identification of the potential risk, assessing and analysing it, and finally monitoring it throughout the life of a project. Every project has a different set of risk based on the specific details of the work being done. It is vital to identify any potential risk and specify the strategy for managing such risk development before a project is even started.  Moreover, it is important to know the likelihood that a risk will occur and its potential impact to the project if it does. It ensures that all of the project management team use the same methods to evaluate risks and that all the project activities are budgeted for in the project plan.

 

The Risk Management Plan that specifies how the project management team will perform risk management for the particular project. The main reason of the project and organization risk plan is to ensure that the management protocol that is used on the project is compatible with both the risk and the importance.

 

Due to this fact we have incorporated a few various methods that we use to identify project risk – documentation reviews, information gathering, checklist analyses, assumptions analysis, SWOT analysis, fishbone diagrams and expert judgement.