Assignment Description: Managing Risk – Course Researchers

Assignment Description: Managing Risk
Define the topic “Managing Risk” and explain its importance of it in the field of project management.  Complete a survey of the literature describing state of the art.  Correct and complete referencing and in-text citations must be used.  Based on your literature findings, suggest future research directions in your topical area.  This includes identifying holes/gaps in topic, as well as new directions the research should be taken. 
Length of the report should be  8-10 page to suffice.Managing risk in project management involves identifying, analyzing, and prioritizing potential risks that could affect the success of a project, and developing strategies to mitigate or avoid those risks. Risk management is an important aspect of project management because it helps project managers proactively address potential problems and challenges that may arise during a project’s lifecycle. The importance of managing risk in project management can be summarized as follows:
Helps anticipate and mitigate potential problems: By identifying potential risks early on, project managers can develop strategies to mitigate or avoid those risks, reducing the likelihood that they will impact the project’s success.
Increases project success rates: Effective risk management increases the chances of project success by reducing the likelihood of schedule delays, cost overruns, and other problems that can impact project outcomes.
Reduces uncertainty: Risk management helps to reduce uncertainty in project planning and execution, which can help to improve stakeholder confidence and support.
Helps manage stakeholder expectations: Effective risk management can help project managers to manage stakeholder expectations by providing a realistic assessment of the risks associated with a project and the potential impact on project outcomes.
Promotes proactive decision-making: Risk management encourages proactive decision-making by providing project managers with the information they need to make informed decisions about how to address potential risks.
In nutshell, managing risk is an essential aspect of project management that can help to ensure project success by reducing uncertainty, anticipating potential problems, and promoting proactive decision-making. By effectively managing risk, project managers can improve stakeholder confidence and support, increase the chances of project success, and deliver projects that meet stakeholder needs and expectations.

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