Risk Management

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

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RISK MANAGEMENT
Table of Contents
1. Introduction............................................................................................................................2
2. Discussion..............................................................................................................................2
2.1 Description of Project Risk Management........................................................................2
2.2 Requirement of Investment in Project Risk Management by Project Manager with
Examples................................................................................................................................3
3. Conclusion..............................................................................................................................5
References..................................................................................................................................6

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RISK MANAGEMENT
1. Introduction
Management of risks is being done for better and effective recognition, evaluation and
proper prioritization of risks to minimize, monitor and control overall impact of an uncertain
event or action. There are two types of events, which could occur in a project are termed as
positive and negative events (Burke 2013). A positive event is termed as opportunity and a
negative event is termed as risk. The risks are required to be managed effectively so that
project becomes successful. Investments should be done on project risk management for
reducing the impact of risks and this report will be outlining a detailed analysis on
requirement of investments in project risk management after undertaking proper examples.
2. Discussion
2.1 Description of Project Risk Management
One of the most significant aspects for project management is termed as project risk
management. A risk in a project is an uncertain event or condition after having negative or
positive impact on project objectives. This type of risk management is required for both
operational and functional (Qazi et al. 2016). The entire concepts of individual risks, risk
management and risk are interchangeable on both monetary and personal impacts. Project
risk management is extremely important and significant for any project and investment
should be done more on the project. For small projects, this risk management refers to simple
and prioritized list of high, medium and low priority risks. This type of management is
majorly dependent over the support of few organizational factors. As a result, project team
members are able to execute their roles and responsibilities or even technical analysis. Apart
from identification of threat, project risk management can also examine the major project
opportunities (Kerzner 2018). A basic approach within project risk management involves
completing qualitative as well as quantitative risk analyses for ensuring that all the risks and