What is 𝗥𝗶𝘀𝗸 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁? Risk management in project contexts is the systematic process of identifying, analyzing, and responding to risks that could adversely affect project objectives. It involves determining potential risk events, assessing their likelihood of occurrence (risk probability), and evaluating the potential impact or extent of loss if they occur. The goal is to manage these risks to minimize threats and maximize opportunities, ensuring the successful completion of the project within the defined scope, time, and budget constraints. Just a pinch of humor: In a complex project, there are often more contingencies than in a Hollywood action movie! What is 𝗦𝐜𝐨𝐩𝐞 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁? Scope Management is about ensuring a project stays aligned with its objectives throughout all phases - from concept and development to implementation and closure. It ensures that a project’s goals and deliverables are well-defined, agreed upon by stakeholders, and achieved with
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