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The Beginner’s Guide to Companies

SUCCESSFUL RISK MANAGEMENT. Risk management is one of the key roles a team or a project manager carries out on their daily basis. In the risk management process there are five core principles that will help you run your risk management thus having a positive outcome. Risk is always uncertain and when it occurs it can either cause positive or negative results. It is important to note that risk can make both negative and positive effects on a project. This is because it is natural to fall into a trap thinking that risk only have negative effects. It is important for you as a project manager to be open to the risks that create positive opportunities so that you can be able to streamline your projects and they will turn out to be smarter and profitable. The risk management process follows five steps. The steps are always the same but the jargons used to describe them may be different. You will come up with a simple and an effective risk management process if ou combine the five steps together. The five steps as are as follows. identification is the first step towards an effective risk management. It is important for you as the team leader to uncover, recognize and describe all the risks that might affect the outcomes of your project. As the team leader you should know the steps that will help you identify the risk. At this point you should come up or start preparing a project risk manager. The second step you should follow for you to come up with an effective risk management is analyzing. After knowing the risk they you are likely to experience you should analyse the possible consequences. As a project manager you should be able to understand different natures of risks and the effects it can have on your project. Also include analysis to your project risk manager. Ranking and evaluating is the third step towards a successful risk management process. These comes after you have identified and evaluated the risk and this will help you determine the risk magnitude and the likelihood of the consequences. At this point you should make a decision on whether the risk is acceptable or it is serious enough to issue a warranty. This should also be included in the project risk register. Treat is another step towards a successful risk management process. Treat is also known as risk response planning. It is at this step that you should access your highest ranked and come up with a plan to manage the risk and the threats this should also be included in the register. The fifth step is monitoring and reviewing.

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