Natha Mohamed
Identifying Risks: Risk management helps to identify potential risks that could impact a project. This information is critical to project planning, as it enables project managers to incorporate potential risks into their planning and adjust their plans accordingly. Prioritizing Risks: Risk management helps to prioritize risks based on their potential impact on the project. This information is useful in determining which risks should be addressed first and which can be addressed later in the project planning process. Mitigating Risks: Risk management helps to develop strategies for mitigating identified risks. These strategies can be incorporated into the project plan to reduce the impact of potential risks. Contingency Planning: Risk management helps to develop contingency plans in case identified risks do materialize. This helps project managers to have a plan in place to address potential issues, reducing the likelihood of project delays or failures. Resource Allocation: Risk management can impact resource allocation, as additional resources may be required to address identified risks. This can impact project planning by requiring adjustments to budgets, timelines, or staffing plans.
Risk management has a significant influence on project planning. Some of the ways in which risk management impacts project planning include:
In summary, risk management plays a critical role in project planning by providing information and strategies for managing potential risks that could impact a project. By incorporating risk management into project planning, project managers can reduce the likelihood of project delays, cost overruns, or project failures.
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Steven Cooke
Natha has provided a good summary. Details and applications can be found in the "Body of Knowledge" (BoK) of the Project Management Institute.
https://www.pmi.org/
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