About Lesson
Introduction to Risk Management
1.1. Definition
Risk Management: A systematic approach to identifying and managing risks that could impact the achievement of project or organizational objectives. It involves understanding risks, planning responses, and implementing strategies to mitigate their effects.
1.2. Importance
- Minimizes Impact: Reduces the negative effects of risks on project outcomes and organizational goals.
- Improves Decision Making: Provides a structured approach to making informed decisions regarding risk responses.
- Enhances Project Success: Increases the likelihood of completing projects on time, within budget, and to the desired quality.