RISK MANAGEMENT is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
RISK MANAGEMENT involves the following steps
a) Risk Identification: what is the risk? Here we are going to brainstorm what kind of risks can occur when we are organising this agricultural workshop/project in Uganda
b) Risk Qualification: what is the likelihood and impact of the risk? After identifying the risks we shall then measure the impact of the risks and the likelihood of happening and then prioritising these risks. In the risk impact we then estimate the consequence of each identified risk by asking ourselves questions like How big will the impact of the risk be on the project?
We can assess the risk impact by using the Richter scale as shown in the diagram below
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