The Innovative Risk-based Portfolio Project Management Platform
A key goal for management of these projects is to prevent and reduce the threats a project may face throughout the course of its life and to minimize the impact of unpreventable or unforeseen risk.
The Integrated Risk Framework states, “businesses that successfully execute projects are supported by an experienced risk-management team that understands the stages of a project as well as the significant risks that exist in all phases of project delivery.”
The benefit of understanding project risks is that once identified, management may take mitigative actions to minimize the impact. Therefore, adequate risk identification and mitigation is imperative to reducing schedule and cost overruns and is essential to effective project execution