Risk Management

APA format, in-text citation, reference includes, 2 pages

1. The Risk Management Process. Project risk must be systematically identified, assessed and managed. Proper risk management implies control of possible future events, and is proactive rather than reactive. In this discussion topic, discuss the components of the risk management plan and how the risk management plan is used during project execution. How would you use the WBS in risk identification/assessment?

2. Project Change Control. Project change that happens late in the project life cycle can lead to cost/schedule overruns, product defects and project rework, or even early project termination. As a project manager, you should insist on having a formal change control/change management system in place to avoid these challenges. How can you ensure that you maintain control over how the project work is authorized and the manner in which changes are approved? What are the important elements of a project change control system?