PMBOK and describe and list the advantages of Project Risk Management.
- Increased likelihood of project success: Project risk management can help to identify and mitigate risks, which can increase the likelihood of project success. For example, by identifying and mitigating risks, a project can be delivered on time, within budget, and to the required quality standards.
- Improved decision-making: Project risk management can help to improve decision-making by providing information about the potential impact of risks. This information can be used to make informed decisions about how to manage risks, such as whether to accept, avoid, transfer, mitigate, or monitor a risk.