The Importance of Project Risk Management 2 Project risk management is the art and science of identifying, analyzing, and responding to risk throughout the life of a project and in the best interests of meeting project objectives Risk management is often overlooked in projects, but it can help improve project success by helping select good projects, determining project scope, and developing realistic estimates It helps project stakeholders understand the nature of the project, involves team members in defining strengths and weaknesses and helps to integrate other project management knowledge areas.
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