Risk management

Abstract

== I chose to write about risk management, because it is very interesting and important topic in each area. Actually everyone knows what a risk is; it is a part of our life. Each step or each decision we make, 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 successfully and deliver it on time and within budget, it is important to get an overview of the risks, which is associated to the project. Most of the projects fail due to the 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 project's planning process, the projects fail because the resources are not completely utilized to get the full advantage [2]. This article further talks about the risk and different level of risks in organization level and how to identify the projects risks by using some of standard guidelines for risk management such as ISO 31000, ISO 2700S, DS/ISO 31000 Risk management- Principles and guidelines and M_O_R principles, which is a standard risk management framework, which can be used by any organization on any projects regardless of its size. NOTE: This article might be similar to other articles; Risk analysis, risk register, Risk management strategy in project portfolios.

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