Risk Management Analysis

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Risk Management Analysis:

Every project has an element of risk to one degree or another. These risks can be planned, anticipated and mitigated. Risk analysis probes the team to consider and determine if the project is moving in the right direction or not. Risk Management Analysis is the process that specifies how risk management activities will be employed. The first task is risk management planning. Here the project manager plans for backup procedures in the event of unexpected events and how to respond to risks that may arise during the developmental phase of the project. Risk management planning is a crucial process. Any oversights could adversely impact the project. Planning meetings are usually held to identify risks and backup plans. In some cases, risk managers are chosen to oversee the process.

It is imperative that risks be…

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