Transcript
When starting a new project or business
venture with a customer, risk assessment helps prevent future problems. It involves
looking at what might go wrong and finding ways to reduce those risks. For
example, if a company agrees to deliver a website in two weeks, but the
customer keeps changing their requests, the project may be delayed. To
manage this, the company can set clear deadlines and limit changes after a
certain date. Another common risk is not getting paid. Businesses can
avoid this by using contracts and asking for a deposit. Sometimes, a project
depends on materials arriving on time. If the supplier is late, the whole
project may stop. Having a second supplier is one way to reduce this risk. By
planning ahead and making smart decisions, companies can protect themselves and
work better with customers. (138 words)
↩ BACK