Why is it important to reduce risk in a project?

Studio Plan Risk Assessment
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March 13, 2021
Understanding risk management is essential for any project manager. It allows him to grasp the project’s financial status better and adapt his management to mitigate any impending risk. Accordingly, one of the main reasons it is essential to reduce and manage risk is to make the project more financially stable and flexible. For many projects, especially those in the trial phase, the amount of risk could jeopardize the organization’s capacity to develop. For example, if a new product is being developed and there are no safeguards in place, the organization might not realize that they are already plac...