The purpose of risk management is to:
- Identify possible risks.
- Reduce or allocate risks.
- Provide a rational basis for better decision making in regards to all risks.
- Plan.
Assessing and managing risks is the best weapon you have against project catastrophes. By evaluating your plan for potential problems and developing strategies to address them, you’ll improve your chances of a successful, if not perfect, project.
Additionally, continuous risk management will:
- Ensure that high priority risks are aggressively managed and that all risks are cost-effectively managed throughout the project.
- Provide management at all levels with the information required to make informed decisions on issues critical to project success.
If you don’t actively attack risks, they will actively attack you!!