Question

For Project management course we will turn our attention to the study of techniques for project risk and stakeholder management. Risk management involves the identification, assessment, monitoring, and handling response to project risks in order to minimize the likelihood of occurrence and/or potential impact of adverse events affecting accomplishment of project objectives. Risks are characterized as "If-Then" statements. If the risk occurs, then the consequence is …. Do keep in mind that there can be positive risks, also known as opportunities.

what is the purpose of project risk and stakeholder management material?

Answer 1

Project risk and stakeholder management is the process of identifying and addressing the risk in the most suitable manner and managing all the stakeholders involved in or being affected by the risk. This is an important task in any project to accomplish it successfully. A project cannot be executed without the dear of certain risks it will face in the duration. Risk management helps in identifying those risks, their intensity, their probability of occurrence and the stakeholders to be affected by these risks. Based on this information the steps to avoid, mitigate or face the risk in the most efficient ways are identified. Risk management helps in identifying the risks, evaluating its impact and effect levels, accessing its mitigation measures and thus going through the process of monitoring and controlling the risk. This process of risk management further helps in managing the stakeholders of the project and thus complete the project with the least risk, being managed efficiently and involving and protecting the interests of the stakeholders.