RISK MANAGEMENTAbstractProject risk is defined by PMI as, “an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives”. Throughout the life cycle...

RISK MANAGEMENTAbstractProject risk is defined by PMI as, “an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives”. Throughout the life cycle of a project, it is important for the project manager to come up with ways on how to manage risks. Risk Management involves identifying, analyzing and responding to risk such that at the end of the day the results of positive risk are maximized while the impact and consequences of negative risks are minimized. This research paper will attempt to explore how effective risk management approach throughout the project life time will continuously adjust itself to meet the constantly changing business risks.Research QuestionHow does effective risk management approach continuously adjust itself to meet the constantly changing business risks?ReferencesPMI (2013), PROJECT management body of knowledge (5th ed.). Newtown Square, PAProject Risk Management Handbook: A Scalable Approach (June, 2012) retrieved fromhttp://www.dot.ca.gov/hq/projmgmt/documents/prmhb/PRM_Handbook.pdf