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University of Texas at Austin Professor James Garven, defines risk management as “the systematic process of managing an organizations risk exposures to achieve its objectives in a manner consistent with public interest, human safety, environmental factors, and the law. It consists of the planning, organizing, leading, coordinating, and controlling activities undertaken with the intent of providing an efficient pre-loss plan that minimizes the adverse impact of risk on the organizations resources, earnings, and cash flows. ... To successfully mitigate project risk consideration must be taken in the development and expectations of the scope of a project; to include identifying all relevant risks associated with a project; evaluating and quantifying associated risks, developing mitigation action plans and communicating the project results. Project risk management is not a cure-all that will solve all project related problems; rather, it adds an element which helps give implicit attention to the project.
Approximate Word count = 621
Approximate Pages = 2.5
(250 words per page double spaced)
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