Risk Management in Projects

Risk management in projects involves identifying potential problems that could affect the project's success and planning how to address them. It includes assessing risks based on their likelihood and impact, prioritizing them, and developing strategies to mitigate or avoid them. This proactive approach helps ensure the project stays on track, meets its goals, and minimizes negative outcomes. Effective risk management involves continuous monitoring and adjusting plans as new risks emerge or existing ones change. By anticipating challenges, project managers can make informed decisions and enhance the likelihood of a successful project completion.