Project managers usually look for areas where a project may run into trouble or the potential areas where the project may fail. Risk management is the art and science of identifying, analyzing, and responding to risk factors throughout the life of a project to minimize potential negative consequences to the organization. For this week’s discussion imagine that you are the PM for a real estate investment firm, you are evaluating several projects involving land acquisition, for you must address the following:
Discuss how you would use both qualitative and quantitative approaches for identifying and assessing risk.
If you are limited to using just one approach, specify which method you’d use, and why.
Discuss best practices for how project managers can be sure risks are identified at all levels of the project and throughout the entire project lifecycle since risk management is an iterative process.