What is Risk? Why Risk Analysis is done?
Risk:
A risk is any anticipated unfavourable event or circumstances that can occur while a project is underway.
There is a need to analyse the risk which is a problem that might occur from the problems currently being faced by a project. If a risk becomes real, the anticipated problem becomes a reality and is no more risk. If a risk becomes real, it can adversely affect the project and hamper the successful and timely completion of the project. Risk management consists of three essential activities-risk identification, risk assessment and risk mitigation. In the risk identification process, the risks are identified and placed in different classes. There are three different types of risks: 1) project risk 2) technical risk 3) business risk. In the risk assessment process the risks are identified on the basis of their damage causing potential and then in the risk mitigation process plans are made to contain the most damaging and most likely risks first.
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