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Posts sent in: March 2013


Many businesses have projects to tackle and every project is subject to risks that depends on the nature of the project. Project risk management helps not only concentrates on avoiding these risks in the first place but it also provides viable solutions to lessen the damage of the risk.

It is often said that in business, projects are essential and every project comes with its own set of risks. Your business may suffer loses in case any of the risks take place. Hence it is always better to devise a robust project risk management plan that covers all the risks that can affect the project. This plan should cover all risks right from the commencement of project to its completion. The risks could be internal and external. The plan will provide optimum solutions for preventing risks in the first place. If any type of risk turns into a reality then it aids in finding the optimum solutions as well. 

Risk in terms of project management refers to the possibility of a certain action that hinders the project. It could be related to any aspect of the project such as workforce, budget, time, costs, etc. It can be termed as a negative component that can adversely affect the goals of the project. We can say that project risk management is the procedure of assessing or evaluating the risks and then develop strategies to manage the risks. It involves project risk analysis, the probability of the risk occurring and solutions to tackle the risks.

The first step is risk detection. Here all the hazards related to the project are identified. The next step is to evaluate the risk and find out how much damage it can do. The last step is to devise steps either to prevent the risk from taking place or finding solutions if the risk has already happened. We also have a look at the top four lucrative and growing industries that employ project risk management.

Advisers and consultants

This is the fastest growing industry today. It consists of coaches, advisors, consultants, paid speakers, authors and psychologists. These professionals normally charger per hourly or per project rates. The net profit margins in this business is between 25% and 35%.

Accounting and financial services 

Next on the list is accounting and financial services. These services are very much in demand since they are required in all the businesses and projects. This type has the longest client relationships. They also incur the lowest costs to retain clients. Profit for this group is between 23 and 26%.

Legal specialists 

Lawyers make excellent profits since majority of the big projects will need their services. Many clients are attained through referrals and hence there is not much cost in acquiring clients. Some of the most profitable areas for them include tax and estate planning, criminal law, defence and DUI.


Dentistry is turning out to be a great money churner. A dentist can do various treatments to various patients simultaneously. The operating costs are relatively low and they enjoy high average dollar transactions. Returns are quite good between 18% and 22%.


Designers are seen in many fields such as clothes, décor, structures and even accessories. The returns are between 16% and 19%. They get paid well depending on their designing skills. Here time and customers are the greatest assets. 

This article was written by Morton Bradley, an experienced Risk Management Consultant and Alliance Manager. His experience includes helping companies conduct IT risk assessments, consulted on disaster recovery procedures for clients, and he has worked with a number of project riks management.

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