Wanna know about Risk ???

Risk : Risk is the uncertainty on the achievement of the stated objectives. The word ‘risk’ can create some level of fear or anxiety as they are unknown and uncertain.

Risk Management: The systematic application of management policies, procedures, and practices to the tasks of establishing the context, identifying, analyzing, assessing, treating, monitoring and communicating risks with a view to reducing the negative or alternatively enhancing the positive impact on the organization.

Risk Management Canvas

P:Political,E:Economic,S:Social,T:Technological,L:Legal,E:Environmental

First : It requires an analysis and assessment of the likelihood or possibility of the risk occurring. Second: It is what the consequence or impact may be on you achieving your project objectives, if those risks occur.

Risk Assessment Matrix

Risk Ownership: It is incremental in ensuring an identified risk is managed, monitored and controlled throughout the risk management process, which makes it a dynamic and continual process. The risk owner should be capable of managing the risk and have the knowledge , resources and authority to deal with the risk.

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