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Risk management


You are here: InLoox Project management glossary Risk management

Minimizing the impact of potential project risks

Risk management is the compilation, acceptance and execution of solutions concerning the control of the response to any risks identified. The object is to minimize and control the impact of unfortunate events. This process can occur in the project failures; financial risks; corporate risks; credit risks; technical risks; natural causes and disasters, etc. Its task is to check the individual phases of the project management for the non-rational actions, which can lead to the risks. The risk management comprises the measures for the identification, analysis, quantification and control of the risks.

There are following stages in the risk management as: risk definition along with the estimation of its realization and the measure of the effects; development of the risk strategy; choosing methods and tools for the control of the specified risks; control process; assessment of the achieved results. The control process also contains several strategies: risk avoiding; risk reduction; risk limitation; risk shifting; risk acceptance.

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