Risk management
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Abstract
Every project has risks. Organizations that succeed are the ones that plan for those risks – anticipating, mitigating, and providing response and contingency plans for negative events that may or may not occur. Risks are a part of business and notmanaging them would be a failure of good governance. A more rigorousapproach to risk management at all levels of the business canhelp: . Secure project/business objectives . Improve business performance . Facilitate improved customer service . Learn from past experiences . Focus on due diligence . Address changing markets . Fulfil corporate governance regulations This paper’s focus is on capital investment project risks. ADefinition of risk from Project Management Institute (PMI). It also focuses on variousstandardizedrisk management methodology and its benefits.