Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events[1] or to maximize the realization of opportunities.
1. identify, characterize, and assess threats
2. assess the vulnerability of critical assets to specific threats
3. determine the risk (i.e. the expected consequences of specific types of attacks on specific assets)
4. identify ways to reduce those risks
5. prioritize risk reduction measures based on a strategy
We are actually taking the risk everyday for everything. There are always some uncertain parts for everything tasks. However, to understand and learn how to reduce the risk, minimize the risk by using above methods is very helpful.
Cheapter-6
The Work Breakdown Structure is a tree structure, which shows a subdivision of effort required to achieve an objective; for example a program, project, and contract. [2] In a project or contract, the WBS is developed by starting with the end objective and successively subdividing it into manageable components in terms of size, duration, and responsibility which include all steps necessary to achieve the objective.
WBS gives us an overview of the project structure, tasks assignment and is really helpful for PM to plane the schedule/track the project process, also helps organize and define the total work scope of the project.
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