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Risk management can be defined as a number of procedures and actions that allow managers to identify, assess, monitor and address risks before they transform into problems. It is desirable to identify risks as early as possible and certainly before they become problematic. When the risk is identified, it is necessary to make a decision about the outcome. The task of the project manager is to choose actions that will reduce the likelihood of an adverse event or mitigate its consequences in case of risk implementation. It is desirable that the flow of resources is minimal. The most commonly used strategy for dealing with risk consists of the following steps: – Avoid risk. Reorganize the project so that it does not depend on the event.
– Forward the risk. If a risk shows, the customer has to agree to pay for extra work. If implemented, a risk management company should bring more employees to the project.
– Accept the presence of risk. This does not mean that it should be ignored, and the company can just wait passively for the implementation of risk. The company can take actions to reduce the likelihood of risk manifestations or develop a plan of alternative actions, which will be performed if the risk is realized.
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