What is risk management?

Risk Management is a practice with processes, methods, and tools for managing risks in a project. It provides a disciplined environment for proactive decision making to

· assess continuously what could go wrong (risks)
· determine which risks are important to deal with
· implement strategies to deal with those risks

A successful risk management practice is one in which risks are continuously identified and analyzed for relative importance. Risks are mitigated, tracked, and controlled to effectively use program resources. Problems are prevented before they occur and personnel consciously focus on what could affect product quality and schedules.



“Risk management is not a silver bullet. However, it can improve decision making, help avoid surprises, and improve your chances of succeeding.”