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Identify Risk

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Is Your Lack of Risk Management Hurting You?

Is Your Lack of Risk Management Hurting You?

Risk management is, essentially, the process by which you identify and analyze the various risks that are associated with any project, no matter how large or small. This is important because it gives you the chance, during the planning process, to figure out what risks might end up affecting your project. That way, you can take steps to avoid those potential risks becoming a real problem. And, if those risks do become reality, you can immediately take action.

Identify and Analyze Risk in Project Management

Identify and Analyze Risk in Project Management One of the most important steps when coming up with a plan for your next project is identifying and analyzing risks. Whether you’re new to project management or you want to become a better project manager, understanding how to accurately determine where your risks lie can help ensure you’ll meet your goals with fewer, if any, setbacks along the way. In our previous post, we covered the essential element, Creating a Work Breakdown Structure (WBS). A WBS is a graphical decomposition of project deliverables. It is the “family tree.” Now, it’s time to cover the important element of identifying and analyzing risks when you’re managing any project. What Are “Risks” in Project Management? What is a risk, exactly? Basically, it’s anything that might affect your project in either a positive or a negative way, so a risk is really a potential threat or…

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