“An unknown occurrence or situation that has a favorable or negative influence on a project’s objectives,” according to the PMI. Risk is defined as any unforeseen incident that may have a positive or negative impact on your project. People, procedures, technology, and resources may all be affected by risk.
The majority of individuals believe that risk has a negative connotation. However, if you approach Risk Management with a gloomy mindset, you will be doing yourself a favor. Indeed, you might wish to refer to it as “opportunity management.” Whatever you choose to call it, be sure it’s under control. If dangers and opportunities are not addressed early on, they will become problems.
Before a risk occurs, an effective Risk Management system must be able to recognize, measure, and forecast its effects. Our Risk Management system can assist you in visualizing this process, planning your reactions, and reviewing, revising, and improving the method regularly.