Project risk is defined by pmi as an uncertain event or condition that if it occurs has a positive or negative effect on a projects objectives project risk management remains a relatively undeveloped discipline distinct from the risk management used by operational financial and underwriters risk management. Early and effective communication of project issues to organization and project stakeholders an effective team building tool as team buy in and acceptance is assured exhibit 1 shows that risk management is an iterative process and each facet of risk management should be planned and followed during each phase of the project. An organizational chart for risk management is an important project or operational tool that makes it simple for one to follow the procedures and system involved in risk management every business operation or project follows a similar set up irrespective of the size or type of operation or project the work input from each level of the organizational chart may vary depending on the roles . Risk management for project driven organizations is an indispensable tool for every project program portfolio and risk manager it provides a realistic immediately applicable framework that any enterprise would be wise to adopt for understanding quantifying and managing risk at every stage of a project and for every portfolio component. Risk management systems risk management systems are designed to do more than just identify the risk the system must also be able to quantify the risk and predict the impact of the risk on the project the outcome is therefore a risk that is either acceptable or unacceptable
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