Types of Project Risk

Running head: RISK MANAGEMENT
RISK MANAGEMENT
Enter the name of the Student:
Enter the name of the University:
Author note:

RISK MANAGEMENT1
Table of Contents
1. Introduction............................................................................................................................2
2. Discussion..............................................................................................................................2
2.1. Risk Management Process..............................................................................................2
2.2. Types of Project Risk......................................................................................................3
2.3. Contingency plan in project risk management................................................................3
3. Conclusion..............................................................................................................................4
4. References..............................................................................................................................5

RISK MANAGEMENT2
1. Introduction
Risk management is the method to identify, then assess and finally control threats to
earnings and capitals of any organization. These type of threats have occurred from several
sources for example legal liabilities, errors of strategic management, natural disasters, the
uncertainty of finance and accident.
2. Discussion
2.1. Risk Management Process
The procedure of risk management contains three steps, one is risk assessment also
analysis, second is risk evaluation and final is risk treatment and response (Firmenich 2017).
All these phases of the risk management process are as follows:
i) The risk assessment also analysis:
The starting step of this procedure is recognised as the risk assessment also analysis.
This risk assessment is estimated the introduction of the organization to the undefined events
which can influence the day to day actions also evaluations the destruction which actions can
have on the reputation and the profits of this organization. This step is helped any
organization for securing their assets, improving the decision making and enhancing the
operational effectiveness over the board to save the time, resources and money.
ii) Risk evaluation:
After completing this first step, the risk evaluation must take place. It equates the
projected risks in contradiction of the criteria of risk which this organization is already
recognised (Gao et al. 2018). This risk criterion can be contained related costs and the
benefits, the legal necessity, malfunctions of the system and the aspects of socio-economic.