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(RISK-1407) Synergies between Risk Management and Project Management

Primary Author: Mr Kul B Uppal PE CEP

Audience Focus: Basic
Application Type: Application
Venue: 2013 AACE International Annual Meeting, Washington, DC, USA

Abstract: Managing risk is nothing more than identifying risks, providing necessary risk analysis and risk response. However, managing risk is the most important function in making any project successful. In general, every company is initially responsible for all project related risks; as it is usually company decision to execute the project or not. Risks must be proactively managed throughout the Project Life-cycle. This paper discusses various methodologies that shows, how risk assessment is the starting point for effective risk management. There are two primary purposes for a pre-project risk assessment:
1. To decide whether to execute the project and accept the risks, or terminate it as unacceptable and risky.
2. To identify the highest-priority risk factors that should receive the most attention by project management.