Managing Risk in projects is commonplace. Risk takes the form of negative risk (threat) and positive risk (opportunity). Keeping a close eye on both types of risk is what sets good project managers apart from their ad-hoc counterparts. Use of Qualitative Analysis and Quantitative Analysis are integral parts of risk assessment, as are determining contingencies and applicable reserves. Using tools and techniques such as alternatives analysis, cost-benefit analysis & expert judgement all work together to form an appropriate risk management strategy.
