What is Risk Management?

by Petrone Risk

Risk is a measure of future uncertainties in achieving program performance goals and objectives within defined cost, schedule and performance constraints. Risk Management is the process of identifying and evaluating risk and developing strategies to manage that risk. These strategies include: 1) Transferring risk to another party. 2) Avoidance of the risk. 3) Reduction of the negative effects of the risk. 4) Acceptance of some or all of the consequences of a particular risk.