Budget
Probably the most common type of risk that project managers encounter is cost overruns. This can happen due to various factors such as poor cost estimation, budget planning, and scope creep.
Project management is a process that involves identifying, managing, and mitigating risks associated with a project. The project manager is responsible for overseeing the project's risk management process.
Risk management is a process that involves identifying and managing risks that can affect the project.
Risks commonly affect project aspects:
Probably the most common type of risk that project managers encounter is cost overruns. This can happen due to various factors such as poor cost estimation, budget planning, and scope creep.
Another type of risk that project managers encounter is schedule overrun. This can be caused by various factors such as improperly planning or estimating, and the increasing demands of the customer.
Another type of risk that project managers encounter is the failure to meet the project's goals. This can happen due to various factors such as the project not meeting its objectives.
The process is usually carried out in a structured manner. Although it can vary from one project to another, at Mad Devs the following steps are usually followed to manage the various risks that can affect a project: