That is why the risk management is necessary from the moment the project starts because lack of attention in a project will lead to suffering risk at an early stage of the project, a proper risk management is proactive rather than reactive, which helps reduce a number surprises, and better knowledge of the likely outcomes of negative events. According to Lee Iacocca (1924) “Even a correct decision is wrong when it was taken too late” that why risk management techniques should be applied at the early stage of a project and together in that way there would not be any reason why a project should not be a success. Risk identification is a vital aspect of risk management because if a risk cannot be identified the rest of the techniques are not possible. But when a risk is identified, the project manager then has to find out the intensity and the impact it has on the project by assessing the risk. From assessing the risk, the project manager will know how to response to it, either the risk has to be avoided, accepted, reduced or transferred and the last thing the project team has to do is to monitor and control the project from future occurrence so that the project can turn out to be a
That is why the risk management is necessary from the moment the project starts because lack of attention in a project will lead to suffering risk at an early stage of the project, a proper risk management is proactive rather than reactive, which helps reduce a number surprises, and better knowledge of the likely outcomes of negative events. According to Lee Iacocca (1924) “Even a correct decision is wrong when it was taken too late” that why risk management techniques should be applied at the early stage of a project and together in that way there would not be any reason why a project should not be a success. Risk identification is a vital aspect of risk management because if a risk cannot be identified the rest of the techniques are not possible. But when a risk is identified, the project manager then has to find out the intensity and the impact it has on the project by assessing the risk. From assessing the risk, the project manager will know how to response to it, either the risk has to be avoided, accepted, reduced or transferred and the last thing the project team has to do is to monitor and control the project from future occurrence so that the project can turn out to be a