Risk management is an important aspect of successful project delivery PMP certification . This article introduces the concepts of risk and risk management and describes how the application of risk management techniques increases the likelihood that a project will succeed in delivering its objectives
Risk is the possibility of suffering harm or loss. Risks are inherent in every project and can be considered to be anything that will adversely impact the progress or objectives of the project.
Risk management can be defined as “the culture, processes and structures that are directed towards realising potential opportunities whilst managing possible adverse impacts”.
From a project management perspective, risk management is a continuous activity throughout the life of the project that seeks to identify potential risks to delivery, evaluate their likely impact, develop mitigation plans and monitor progress.