Project Management

Risk Management Mechanism: Risks are always in the future. Risk is an uncertain event or condition that, if it occurs, has an effect on at least one project objective. Objectives can include scope, schedule, quality, and cost. Project risk has its origins in the uncertainty present in all projects. Known risks those that has been identified and analyzed, making it possible to plan response of those risks. Specific unknown risks cannot be managed proactively, which suggest that project team should create a contingency plan. A project risk that has occurred can also be considered as issue.  The objective of Risk Management is described below:  1.    Identify Risk Mechanism Risk identification process determines which risk may affect project and documenting their characteristics at planning phase. These would be documented in the Risk Register. The identification would be done using several mechanisms, a selected few of which are listed bel...