role of risk management

Discuss the role of risk management in the project planning process in small groups by completing the related “Risk Management Discussion” learning activity.

Submit a response of 250 to 350 words in length summarizing your small group’s discussion of the role of risk management in the project planning.

Example: Please only use as a reference this is another teams paper.

Team A_Risk Management_Week 1 (Final Draft).docx

Example:

The Importance of Risk Management to Business Success.docx

20140811193405the_importance_of_risk_management_to_business_success

20140811193309team_a_risk_management_week_1__final_draft_

solution preview

The role of risk management in the project planning process

Risk management plays an important role in any business. To fully understand the important roles played by risk management in any organization, we first need to understand the meaning of risk management. For this reason, risk management is the process for assessing, identifying, and prioritizing any risks associated with the business. The main reason for this is because when the risks are identified, the risk manager creates a plan to eliminate or maximize the negative impacts running on the business (Just, 2012). Typically speaking, risk management is referred to as a quintessential part of any project because it plays a crucial role in business plan regardless of the project visibility, size, or complexity. This is the reason why everyday both low and high projects are terminated profitably and successfully and the key to this is effective risk management.

Total word count:316words