Describe what needs to be done to manage risk on a project. When should this be done|My course tutor

Posted: February 27th, 2023

Answer the following questions based on chapters 8 and 9.

1. Describe what needs to be done to manage risk on a project. When should this be done? How can a risk assessment matrix help in this process?

2. Discuss what needs to be done as part of closing a project. Why are these activities important?

SOLUTION

Managing risk on a project involves identifying potential risks, assessing their likelihood and impact, and developing strategies to mitigate or respond to them. This should be done throughout the project lifecycle, starting in the planning phase and continuing until project completion. A risk assessment matrix can help in this process by providing a framework for assessing the severity of risks based on their likelihood and impact. This matrix can help project managers prioritize risks and allocate resources to address them appropriately.