Verified Expert

The paper aims to evaluate the importance of risk management in project management. However, risk management is identified as a key part in project management which helps project managers in managing project risks related to schedule, scope, quality and cost. Risk management plays a major role in the development of strategies and techniques to mitigate risks and achieve the project objectives by analyzing and responding to risks that impact the project. In addition to this, risk management processes impact the factors to the project success and help manage major risks of the project. Risk management is an action plan to remove all risks related to the project management.