Risk is theoretically described as any potential deviation from the predefined target with its defined specifications. It is normally linked to terms such as issues, uncertainty, unknown etc. With dynamic situations involving unknown factors which can have pleasant or unpleasant, and mostly unforeseen and unpredictable consequences. Project risk management is the art and science of identifying, assigning and responding accordingly to the risk throughout the life of a project and in the best interests of meeting project objectives and goals. Risk management is often overlooked on projects, but it can help improve project success by helping select good projects, determining project scope and developing realistic project targets.
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