Risk responses

Abstract

There is a difference in definition of risk and uncertainty, as uncertainty is the absence of information required to make a decision. In order to manage risk and uncertainty it is important to understand four elements of the risk management process of identifying, assess, respond and control of the risk events and their sources. After undergoing the steps of identifying and assess the risks at hand during the project, it is the process of developing a strategic response that enables the proper action for the uncertainty of the outcome, whether the risk poses a threat to the project that has to be mitigated or if it is an opportunity to exploit. This article will give an overview of the planning, strategies and tools for the risk response process, as the project benefits of addressing risks by their priority, inserting resources and activities into the budget, schedule and project management plan as needed .