Description
Risk Management is a work process to eliminate or minimise potential impact such as loss money, extend schedule, or less performance caused by the risks or uncertainties. The Risk Management work process is the risk identification; assessment and analysis (probability, consequence, and impact); treatment classification (risk response), and prioritisation, reporting, monitoring, and controlling. A method of the Risk Classification (response or hedging) is a Risk Avoidance (not to take: High probability and high impact); Risk Transfer (Financing, Insurance: Low probability and high impact); Risk Mitigation (Sharing, Contingency provision: High probability and low impact), and Risk Acceptance (Taking, Retention, and Unidentified Risk: Low probability and low impact).
Related Definitions in the Project: The Risk Management
The Project Definitions have been defining and developing in terms of the agreed project language by ThePD (The Project Definition) as for the Preferred Project Definitions. The Project Definition is a clearly and concisely defined statement of the exact meaning of words, phrases, sentences, or descriptions of the subject in the project business. The Project Definition is an essential requirement and a critical success factor for the project execution to communicate accurately with the same understanding of the meaning or terminology. The Project Definitions and related information is included in the website (www.theprojectdefinition.com) and published daily basis to the subscribers. Users who want to keep own file, can purchase the Project Definition as a beta version (B4) today with a big bargain.
