Risk Management should be used by project management and program offices to actively identify and mitigate risks throughout the project lifecycle.
Risks should be identified as early as possible to ensure adequate response times & mitigation.
Risk Management is the process of identifying, analysing and responding to risk factors throughout the life of a project and in the best interests of its objectives. Proper Risk Management implies control of possible future events and is proactive rather than reactive.
The benefits
- Optimise project outcomes for both customer and business value.
- Reduce post implementation costs.
- Design for unintended situations (greater robustness)
- High priority risks can aggressively be managed in a cost-effective manner throughout the project.
- Provide management at all levels with the information required to make informed decisions on issues critical to project success.
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