How to cope up with risks in project management.

So far we had discussed various features & facts about project management. We interestingly discussed that what actually project management is?? We discussed that what sort of qualities should be there in project manager for an effective & efficient project management  ?? Today we are going to discuss that how can we cope up with various risks that are indulged with project management & what these risks could be. Actually, this is not only an interesting topic but also very important from project manager point of view.

Before starting today’s discussion let us take a quick look at project management. I mean what actually project means???
Project management is actually a software application that enables you to manage, plan & guide the various project processes from start to finish.  As we know that project management has various processes or phases, these phases or stages are:

• Project initialization
• Project Planning
• Project Execution
• Project monitoring
• Project controlling

• Closing.
  
  Now let us discuss today’s article that how can we manage various risks in project management.
• Acceptance of risk
• Avoidance of risk
• Transfer the risk
• Mitigate the risk
• Exploit the risk
  
  from “acceptance of risk” we understand that whenever you identified a particular risk and logged it in your project management software, but you haven’t taken any action. Then you simply accept those risks and decide to deal with them if they occur.
  
  This is actually a very good strategy I mean if there are small risks & they don’t have much impact on our project, but due to its knowledge, we can efficiently avoid that particular risk in our project in order to make it more efficient. As it takes a lot of time to put together an alternative approach in order to cope up with that risk. So, it is often better to use resources instead to do nothing.
  
  Avoidance of risk is a very good approach which can make your project more productive. Also avoiding risk is a good strategy generally when the risk has a very good impact on your project.
  
  Transfer the risk is not often in use but it is implemented generally in those scenarios when there are several parties indulged within it. In this, one party transfers the risks to any another party which can easily sort out with that.
  
  Mitigate the risk is something which is most commonly used in risk management techniques. Mitigation of the risk I easy to understand and also is quite easy to implement as well.
  
  Have you ever thought that there could also be a positive impact of the risk on the project? Yes, it is true. I mean if any risk results in positive output then we call it as positive risks. Exploitation is related to positive risks.
  
  That’s all for today’s article regarding project management. For more such articles please visit our very own