Question 3 - Risk.docx - PMGT 540 50 Risk/Quality...

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PMGT 540 50Risk/Quality Assessment Risk assessment plays a pivotal role in the successful completion and overall sustainability of aproject after it has been closed out. Risk has commonly been the defined as the “possibility” ofa “negative” deviation from the expected outcome of a project. Sometimes, these deviations are expected, and these expectations come from a thoroughanalysis of the environment the project is running in. These expectations are otherwise knownas threats. Every project will be faced with threats and in order to efficiently manage thesethreats, an appropriate Risk Management Plan is mandatory. To ensure that the threats involved in the Automatic Contract Renewal System Dashboard areminimized, the Project Management team must;a)Identify Risksb)Assess the Risks c)Monitor these RisksThese can be done in the following ways;Risk Report: A risk report is a report that will be updated in real time as the project progresses.
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