Potential positive and negative effects occurrence

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Reference no: EM133837747

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Some advantages of the process of risk management is to account for potential positive and negative effects an occurrence could have on the outcome of a project. Being able to plan, identify, and mitigate to avoid a negative impact on a project's success. Risk management in a project will also improve decision-making, communication, stakeholder engagement, and performance improvement. When risk management planning is not done effectively in the initial stages of a project, many issues can occur throughout the project lifecycle. Projects without proper risk management notoriously are not completed on schedule and exceed the original planned budget. Besides the financial loss from going over budget, not having an effective risk plan can also open the project and its' stakeholders open to legal disputes. Unforeseen events could lead to missed opportunities. "Project management entails applying knowledge, skills, tools, and techniques for management activities as well as leadership activities... Leadership activities focus on people. Leadership includes influencing, motivating, listening, enabling, and other activities having to do with the project team" (Project Management Institute, 2021). Communication is an important skill for a good leader and project manager to have. Being able to motivate and drive a team to towards producing project deliverables. When leading a project, being able to review and analyze information timely to make decisions.

Reference no: EM133837747

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Potential positive and negative effects occurrence : Some advantages of the process of risk management is to account for potential positive and negative effects an occurrence

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