Risk management

Abstract

I chose to write about risk management, because it is very interesting and important topic in an each area. Actually everyone knows what a risk is; it is a part of our life. Each step or each decision we make, it is full of risks, whether we notice it or not, but when we look at our professional life, then we have to take an action for each risk arise, because it has a negative effect and the effect can have consequences in terms of economic, professional reputation, environmental, safety and societal outcomes. This article focuses on for example how an organization or project handles its risks and which framework could be relevant or helpful for it. Now a day, the risk management is an important part of project, program and portfolio management, in order to end up a project successful and deliver it on time and on budget, it is important to get an overview of the risks, which is associated to the project. Most of the projects fail, because due to lack of risk management [1], in many projects the risks are not proactively identified, analyzed and mitigated or even in some projects the risk is a part of projects planning process, the projects fails, because they do not investing their resources completely and not pay attention to it [2].