Investing More in Project Risk Management

Running head: RISK MANAGEMENT
Risk Management
Name of the Student
Name of the University
Author’s Note:

2
RISK MANAGEMENT
Table of Contents
Introduction................................................................................................................................3
Discussion..................................................................................................................................3
Project Risk Management......................................................................................................3
Investing more in Project Risk Management.........................................................................3
Conclusion..................................................................................................................................6
References..................................................................................................................................7

3
RISK MANAGEMENT
Introduction
Risk management is referred to as better identification, evaluation as well as
prioritization of threats for minimization, monitoring as well as controlling the entire impact
of unfortunate events (Hopkinson 2017). The two kinds of events that can occur within a
project, which are negative and positive events. The positive events are referred to as
opportunities and negative events are referred to as risks. The following report outlines a
brief discussion on the factor that investment should be done more on project risk
management with suitable examples.
Discussion
Project Risk Management
Project risk management is one of the major aspects of project management. This
project risk is an uncertain condition or event after having a positive or negative on the
objectives of a project (Marcelino-Sádaba et al. 2014). Project risk management is mainly
dependent on the supporting of organizational factors after having clearer responsibilities and
roles as well as technical analysis. It not only recognizes the threat, but also examines core
opportunities within a project (Larson and Gray 2017). One of the most significant approach
in this project risk management includes performing qualitative risk analysis, which ensures
that every risk is analysed with highest priority. Monitoring and controlling of risks is also
done in this particular approach and hence ensuring that the project is extremely safe.
Investing more in Project Risk Management
The strengths, weaknesses, opportunities and threats of the project are easily tracked
with the help of an effective risk management strategy (Bowers and Khorakian 2014).
Moreover, unexpected events are also planned so that it becomes much easier to understand
the gaps and challenges. Successful project manager can identify the important factors for