a. Why is risk identification important to a project? b. Give 3 examples how IT/MIS tools can assist with risk identification
a. Why is risk identification important to a project?
b. Give 3 examples how IT/MIS tools can assist with risk identification
Risks are unexpected events that might affect the business either in a positive or negative manner.
Risk management and identification enables the company to be more prepared to handle the uncertainties that might arise. Correct identification of the risk can enable the company to mitigate and minimize the effects of any risk.
Effective Risk management will allow the company to save any kind of losses that might arise from unexpected risk. If the company is prepared for the risk, it will be very easy for it to handle it.
Risk identification will allow the company to function much more smoothly as well as efficiently. As risk might pose threat to the smooth running of the business.
For example - In Japan, earthquakes are quite a common phenomenon, so the building are build in a manner that they are not much impacted by the earthquake. So it is an example of effective risk management.
Step by step
Solved in 2 steps
