Risk management is a critical component of successful project management. It involves identifying potential risks, assessing their impact, and developing mitigation strategies. Some common risk management practices include:
- Risk Assessment: Regularly evaluating risks throughout the project lifecycle. - Contingency Planning: Developing backup plans for critical project activities. - Stakeholder Engagement: Keeping stakeholders informed and involved to manage expectations and address concerns. - Quality Assurance: Implementing quality control measures to ensure project deliverables meet the required standards.