Transcript
Risk assessment
is a key part of managing work projects and business ventures with
customers. It involves identifying possible problems, analyzing how
likely they are to occur, and taking steps to prevent or reduce their impact.
For example, in a design project, there is a risk that the customer might
change their expectations mid-way, causing delays and extra costs. To
reduce this, clear contracts and detailed planning documents can help keep
both sides aligned. Another risk is when the customer cannot pay on time.
Businesses often ask for deposits or use staged payments to avoid
financial loss. In construction projects, delays in the delivery of materials
or bad weather can affect deadlines. Project managers often create backup plans
or include flexible timelines. Miscommunication is also a major
risk—especially when working across cultures or languages—so regular updates
and written confirmations are helpful. By doing a proper risk assessment before
and during a project, businesses improve their chances of success, build
stronger relationships with customers, and avoid unnecessary stress. (169
words)
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