Question

1. What does Risk Management mean? Briefly explain the different steps involved in risk management.

2. Describe the system approach and its significance for project managers.

Answer 1

Risk management mean that clearing all the hectic hazard before implementation of any project, done in the planning phase of any project which reduces the risk of being failed.

Steps in risk management;

1. Find out the risk probability and manage to avoid.
2. Analyze the risk of damage in implementation.
3. Risk evaluation is the next step in risk management.
4. Manage the risk avoidance principles and avoid the risk being happened.

These steps in risk management takes off the risk probability to a lower level and helps in good implementation of projects. Managing the risk occurence is the important phase of risk management.

System approach plays a lead role in risk management and helps to maintain a better approach of handling risk avoiding techniques and manages the team to handle the risk occurence and make a better management of risk handling and management.

Risk management is one of the significant role and works for project managers which in get results of project results and helps them to handle out the project works and implement in a better way.

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