Question

Explain the elements of managing, monitoring, and controllong project risk that would be important to you as a newly assigned project manager.

Answer 1

Answer:

Risk analysis is the management and control and assessment of risk to a firm.

Explanation:

• A risk is a likelihood that a project will fall to meet its objectives. A project risk s a certain event or condition. Risk management focuses on identifying and assessing the risks of the project to minimize the impacts.  

• Some of the management tools to manage risks are to plan risk management, risk identification, perform a quantitative risk analysis. Risk audits, meetings, reserve analysis, variance, and trend analysis, etc.

• Compute the risk to the stakeholders and monitor and control the risks. Check for incidence and determine future outcomes.