Risk Management Perspective on Project Lifecycle

Abstract

Identification of the factors affecting project scope definition, cost, schedule, contracting strategy, and work execution plan is necessary for successful project management. Risks can appear at any point during a project's life cycle, or they can appear at different times. Identifying and mitigating project risks are critical steps in project management. For finding risk we have to first identify the project and its constraints then easily can find out the risk of the project and to follow the project life cycle that what steps we should follow like analysis, techniques used, and others and risk is not only at the startup stage but it’s also in during the lifecycle of the project. Risk management is an important aspect of project management throughout the project's lifecycle. To guarantee a successful project execution, all uncertainties must be considered and addressed throughout the planning process and beyond.