The Importance Of Project Risk Management

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2.4. Project Risk Management
Project risk management is an important part of a project management. Any unforeseen event which can cause risk to a business project which can cause any impact on projects process and which can change outcome from positive to negative .can be identify and eliminate by help of project risk management. Project risk management can be done at implementation phase of a project, dealing with daily issues when project is in progress and after completion so that all problems should be resolved. (Valitov and Sirazetdinova 2014)

2.5. Risk management in Networked Projects
Now a days projects are implemented by collaboration between networks of organisations. Collaboration needs more focused interrelationships between …show more content…

(Ducu 2011)
Risks are categorised in generally 3 types
2.6.1. Known Risks
Known risks have known impacts, which are usually known by the project team and have high chances of occurring.
2.6.2. Known risks with unknown impacts
Known risks with unknown risks are also known to the project team but impact of the risk is not known to them
2.6.3. Unknown Risks
Unknown risks are those which are not identified by the project team, and impact of these risks are also unknown. It is very important to consider these types of risk in this plan.
Risks can be categorised into two more categories internal sources risks an external sources risks. Organisational questions, available resources, staff and project nature comes into internal sources. Legal and political comes into external sources. Some risks in Information system projects are
The risks which are related to confirmation with project target and project managers, and projects buyers. If the target goals of projects are not cleared in starting, then it very complex that project will be

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