Question

Consider the following statement: “The essence of project management is risk management.” What does it mean in terms of completing a project successfully? Support your response with evidence from the readings or other materials. Be sure to use APA format for citing your source

Answer 1

Risk management is the core of the project management. The chances of fulfilling the objectives of the project are accomplished quite easily with the help of risk management. The different advantages of developing and implementing an effective risk management plan while working on any project are as below

• Prevents any kind of big disaster while implementing the project
• Improves revenue by controlling unnecessary expenses.
• It facilitates the effective management and control of the project
• Ensures the successful completion of project
• Different aspects of the projects can be managed effectively.
• Increases the sense of responsibility and accountability
• New opportunities can be explored

If there is no risk management analysis, the project can be hampered by a great deal. Thus it is very important to have the risk management.