Importance Of Critical Issues In Risk Management

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In addition, based on the specific and diverse aspects of the risks, they need to be managed by specific managers, and the manager for each risk should be recorded in order to facilitate further improvement and reference. Project managers needs to ensure all the risks are managed and treated well.
For controlling and reducing the impacts of risks in the projects, risk treatment exists to select applicable options of solutions for the risks which are identified before. In this process, creative opinions and detailed design are required to provide enough choices for a best treatment. Previous examples with similar conditions also can be referenced to offer inspirations.

Selecting a best solution are important after several ideas are raised.
…show more content…
Although there are many components support the success of projects in risk management, the critical issue can be communication.

Communication contains several aspects in risk management, such as the communication with stakeholders. As concerned in the first step of risk management, establishing a objective is the core to conduct a project. The objective need to be the common goal for all the stakeholders, the project is hard to achieve if without a common objective. For reaching this, communication among different stakeholders is necessary to express respective standpoint, then an agreement need to be reached among them.

Furthermore, communication among members involved in risk management team is also important. From identifying risks, to solving them, every step in the management system needs to reach a consensus among members. For instance, in the step of risk treatment, various options created for solving a risk, which option to choose become a challenge. If every member has own opinion, and no communication among them, confusion will be happened and the risk cannot be treated well, which may cause waste of time, cost and resource, and even fail in the project. Therefore, the communication among team members to reach an agreement is important, which can enhance cohesion and increase

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