What is Risk Management in Project Management?
What is Risk Management in Project Management?
Risk management is the process of minimizing any potential problems that may negatively impact a project's timetable. 'Risk' is any unexpected event that might affect the people, processes, technology, and resources involved in a project. Unlike 'issues', which are certain to happen, risks are events that could occur, and you may not be able to tell when. Because of this uncertainty, project risk requires preparation in order to manage them efficiently.
So, what is risk management in project management? It is preparing for and handling obstacles and problems that may challenge the success of your project.
Further reading:
- Project Risk Assessment (Ultimate Guide to Project Risk, Part 1)
- Project Risk Management Tools (Ultimate Guide to Project Risk, Part 2)
- Top 5 Reasons for Project Failure and How to Avert Disaster
- Why You Need to Record Your Project Management Lessons Learned: Tips & Template
Artem Gurnov
Artem is a Director of Account Development at Wrike. He previously held the role of Project Manager, overseeing a team of customer success managers (CSMs). Over the years of building teams and scaling business processes, he has successfully deployed multiple projects, from automating client outreach to setting up work prioritization tools for sales reps and CSMs.