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Project managers usually look for areas where a project may run into trouble or the potential areas where the project may fail. Risk management is the art and science of identifying, analyzing, and responding to risk factors throughout the life of a project to minimize potential negative consequences to the organization. For this week’s discussion you must address the following:

• Discuss how project managers can use both qualitative and quantitative approaches for identifying and assessing risk.
• Explain why it is important to use both qualitative and quantitative procedures when assessing risk.

Discuss best practices for how project managers can be sure risks are identified at all levels of the project and throughout the entire project lifecycle—since risk management is an iterative process..