ITM 350 Lecture Notes - Lecture 10: Flowchart, Swot Analysis, Emv

• School: Ryerson University
• Department: Information Technology Management
• Course: ITM 350
• Professor: Kogulesh

Document Summary

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. Crisis management is when you notice obvious danger to the success of a project which is different from risk management. Rather than treating risk management as part of the problem project teams should see risk management as part of the solution. Project risk is an uncertainty that can have a negative or positive effect on meeting project objectives. Risk management is an investment because costs are associated with it in order to implement it. But the costs for risk management should not exceed the benefits of it. Organizations and people have different attitudes towards risk which is based on two factors: risk appetite. The degree of an uncertainty an entity is willing to take in in hopes of a reward: risk tolerance.