Risk Management in Project Environments: Reflection of The Standard Process
Keywords:
Project Management, Risk Management, Risk Analysis, Project RiskAbstract
This research analyzes the concept of risk management in project environments by reflecting on the best practices that make up the standard risk management process in project environments. A meta-analysis approach was used to evaluate standard tools and approaches to risk management in project management environments. The study found that regardless of the project complexity or type of risk, there is a standard risk management process that should be followed when examining risk in project environments. In any project scenario, risk management has risk probability and impact assessment to investigate the likelihood that each risk occurs. It also focuses on the potential effects that a risk will have on a project’s objectives, including schedule, cost, quality, and performance. The study concludes that all project managers and organizational leaderships should know the standard risk management process in project management; it is only with a standard process that risks can be effectively identified, assessed, and mitigated.
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