Why is Risk Management the Key to Successful Project Planning?

Every project runs into hiccups and bumps along the way. Some project managers will close their eyes and pretend that everything will go as planned. These managers are ill-prepared to handle issues as they arise. A good project manager will try to foresee what challenges may possibly come up as the project progresses.  They will develop plans to address possible issues, as well as try to mitigate problems before they become crises.

Good Risk Management minimizes the likelihood of bad things happening, and enhances the chances of good things happening. It can also minimize the impact of the bad things, and maximize the impact of the good things. Taken together, these factors reduce the variability in the likely outcome of the Project.

In other words, your Project is more likely to succeed!