Project Risk ManagementProject risk management is the practice of identifying, understanding, analyzing, and planning for events that may or may not occur as a project progresses through the phases of the project life cycle. Risk events can be negative or positive in nature. Negative risk events are undesirable events that, if realized, can negatively affect the scope, budget, and/or cost objectives of the project. Positive risk events represent opportunities that, if realized, can be leveraged to help achieve the scope, budget, and/or cost objectives of the project.
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