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  • Essay / The Pros and Cons of Risk Management - 883

    The Process Risk mitigation is all about a repeatable process. To effectively manage both opportunities and opportunities that you encounter in a project, the project manager must be well aware of the differences and have the skills to mitigate them. The process for responding to these challenges is to identify, access, control and respond to risk (“Risk, Problem and Change Management”, nd, paragraph 7).i) Identity – Identify and record the situation for any task or issues that may negatively or positively affect the project. ii) Access – Communicate the issue to project members and stakeholders once the impact on the project has been assessed so that a decision can be made. iii) Control – Once the risk has been assessed and the impact identified, measures and actions must be put in place to control the outcome of the risk. iv) Respond – Proactive or reactive responses should be designed and independently evaluated to determine whether the response is the right action. The strategy and