7.7 Summary
Managing risk is a continuous process. It involves identifying the risks and analyzing them to establish their probability, impact, proximity, exposure and priority. Actions need to be determined and plans produced for these actions, followed by scheduled monitoring and appropriate control. The whole risk management process needs to be made visible by adopting sound communication mechanisms.
Murphy has been quoted as saying, ‘whatever can go wrong, will go wrong’. Undoubtedly risks will occur in your project. Most of the risks that you will experience have already been identified in previous projects. Learn the lessons from those. To ensure that those risks have the least impact, one needs to develop a structured risk management ...
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