Risk management is the identification, assessment, and prioritization followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of negative events(Threats) or to maximize the realization of positive events (Opportunities).
According to the PMBOK guide – sixth edition, a project risk is an uncertain event or condition, which if it occurs, has a positive or negative effect on the project objectives. Project risk management aims to identify and prioritize risk in advance.
Sources of risks include uncertainty in financial markets, threats from project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters or events of uncertain or unpredictable root-cause.
Earning a Risk Management Professional (RMP)® credential from the Project Management Instiute PMI® is the best way to demonstrate your knowledge and ability to recognize the possible risks and mitigate them. A Risk Management Professional has a profound understanding of the risks and identifies them beforehand. Companies and Organizations often prefer a PMI Certified RMP® professional to minimize risks on their projects.
|Risk Management Professional|
18th July 2019