Risk Management: A Review

1Bibhuti Bhusan Pradhan

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Abstract:

Several researchers have suggested that "a risk-driven approach" to project management is important for building project performance to increase. Literature is very rich in conceptual frameworks for overcoming the informality of efforts to manage risk. Risk management paradigms ho this papered exist as methodologies rather than frameworks that can fully support the process of risk management. Some 30–40 years ago, risk assessment and management became developed as a scientific field. Principles and methods this paper developed for how to conceptualize, assess and manage risk. Such principles and techniques still constitute the cornerstone of this field today to a large extent, but many developments have been made, connected with both the theoretical basis and functional models and procedures. The aim of this invited paper is to review those advances, with a particular focus on the basic ideas and thoughts on which those ideas are based. this paper have been looking for changes in perspectives and strategies, and this paper is also focusing on where more risk field growth is required and should be encouraged. The paper is designed for writers of different experience types, not just risk experts.

Keywords:

Decision Making, Risk Management, Risk Assessment, Risk Analysis

Paper Details
Month12
Year2019
Volume23
IssueIssue 6
Pages646-652