Manage project risk

Manage project risk Every project contains risks—for example, a supplier to whom you’ve outsourced an important task falls a month behind schedule or a key member of your project team is suddenly hospitalized for several weeks. While executing your project, you need to practice risk management: identifying key risks and developing plans for preventing them or mitigating their adverse effects. Some risks are relatively easy to anticipate; others are very difficult. 
To manage anticipated risks, apply this process:
Conduct a risk audit

Take actions to avoid or minimize risk

Develop contingency plans

To manage unanticipated risks, adopt an adaptive project management model, in which you approach the project in smaller, iterative stages.

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