In order to manage risks, we have to define what risk is. From the OXFORD dictionary, risk is defined as .possibility of meeting danger or suffering harm.. With this definition, it makes us feel that there is a need to avoid risks especially when managing projects. But unfortunately, like what all risk managers know, risk can never be avoided BUT it can be reduced . and that is what management wants to hear. And unfortunately again, risks are often ignored. By abolishing constraints and reducing ambiguities, risk can be minimised to an acceptable level. Project risks may be .accidentally. overlooked by those who just do not have time to look into it or those who want to avoid serious delays. Others may be terrified to look into it because if risks were to be uncovered, the team may look incompetent in managing the project. To manage the risk that has been exposed, there is a need to fix that risk . and to fix that risk, it will cost more money . a resource that a project usually lacks. Risk management should be conducted throughout the whole project lifecycle . from the initiation phase till the decommissioning of the project. Risk Management could often contribute to project success through improvements due to the loopholes it uncovered.
No comments:
Post a Comment