Risk-management-open-access
Risk management is that the identification, evaluation, and prioritization of risks (defined in ISO 31000 because the result of uncertainty on objectives) followed by coordinated and economical application of resources to reduce, monitor, and management the likelihood or impact of unfortunate events or to maximize the conclusion of opportunities.
Risks will return from varied sources as well as uncertainty in money markets, threats from project failures (at any introduce style, development, production, or sustaining of life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from associate degree antagonist, or events of unsure or unpredictable root-cause. There square measure 2 kinds of events i.e. negative events may be classified as risks whereas positive events square measure classified as opportunities. Risk management standards are developed by varied establishments, as well as the Project Management Institute, the National Institute of Standards and Technology, computer societies, and ISO standards. Methods, definitions and goals vary wide in keeping with whether or not the danger management methodology is within the context of project management, security, engineering, industrial processes, money portfolios, computer assessments, or public
health and safety.
Strategies to manage threats (uncertainties with negative consequences) usually embrace avoiding the threat, reducing the negative result or likelihood of the threat, transferring all or a part of the threat to a different party, and even holding some or all of the potential or actual consequences of a specific threat.
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