Risk management something which is being buzzed about a lot among the project management community but most people don’t act on it efficiently enough resulting in failed or financially unfeasible projects.
Prince2 explains the whole risk management approach through the risk management strategy. It talks about an organization’s attitude towards risk, risk appetite of an organization and the necessary control actions necessary.
Prince2 defines Early Warning Indicators as a set of events which if occur, then the project manager needs to prepare for the respective risk events to materialise. These events need to be monitored consistently to determine how the project is performing. For example, if the number of defective items is identified during early inspections, huge financial losses can be avoided at a later stage when defective products are out in the market and customers start returning them.
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