Identifying and Managing Risk in a Project
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Identifying and Managing Risk in a Project

Risk refers to the degree of difference between the expected goal and the actual result under specific time and certain environmental conditions, including the uncertainty of loss that cannot be determined, as well as the risk or event that may cause injury, accident, and loss.

When an enterprise realizes its business objectives, it will encounter various uncertain events, so we should learn to project risk analysis and management. The probability of these events is unpredictable and will have different impacts on the business activities, so as to change the degree of realization of the enterprise objectives.

The characteristics of market risk in project management include objective possibility, contingency, predictability (perceived risk) and unpredictability (no information or experience to assess its consequences). Therefore, risk is also twofold. Based on the duality of risk, we can see that risk can be transformed, and effective control of risk in work and life can guarantee safety and obtain benefits to the greatest extent.

Generally speaking, the higher the risk, the richer the income and return that may be brought to us. The more complex the project, the higher the risk. This requires us to control the risk more effectively and make a good plan.

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