Answer to Question #179212 in Management for Ngwane

Question

Prudent risk management requires that all stakeholders support the management of risks. By referring to risk management principles, discuss in detail how the risks of the project in the case study were managed.

Answer 1

Risks in the project were managed by focusing on the five basic risk management principles risk identification, risk analysis, risk control, risk financing and claims management. Following each principle managers are able develop decision making processes that prioritize and mitigate risks in the market.