The planning process enables managers to clearly identify risks, and then develop and document risk mitigation strategies and contingency plans. The overall goal of a risk management plan is to manage risk in a way that ensures a successful project outcome. It is generally the project manager’s role to maintain the plan and update it periodically to ensure ongoing clarity and effectiveness. A risk management plan is typically included as part of a larger project plan, and is initiated early in the project lifecycle the risk plan then evolves as the project progresses. Project risk management seeks to maximize positive risks while avoiding or mitigating negative risks. The Project Management Body of Knowledge (PMBOK® Guide, 5th Edition) defines project risk as “an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives, such as scope, schedule, cost, or quality.” Notice that these risks can be considered positive or negative depending on their effects. Getting started with the Smartsheet API.
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