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RISK MANAGEMENT PROCESS IN PROJECTS

Review of General MANAGEMENT , Volume 30, Issue 2, Year 2019 97 RISK MANAGEMENT PROCESS IN PROJECTS Elena DOVAL Abstract: Due to the rapid changes in the external environment of organiza-tions, PROJECTS of any type are subject to risks and uncertainty. If the uncer-tainty cannot be controlled, the risk instead, being a probability, can be anticipated, measured, and managed. In this context, the paper focuses on a number of general aspects regarding project risk, types of risks , and project risk MANAGEMENT . Also, the project risk MANAGEMENT PROCESS is presented in detail, addressing four stages: risk identification, risk analysis or assess-ment, risk MANAGEMENT , and risk control. The methodology approached in this paper is based on the research of literature, direct observation, and own judgment. Key words: risk, project, risk MANAGEMENT , risk exposure, risk MANAGEMENT PROCESS JEL Classification:M19, O22 1. Introduction The project is characterized as a single specific action; it consists of a logical sequence of activities and coordinated and controlled components; it is conducted in a methodical and progressively organized manner, with con-straints of time, resources and cost, to meet the defined objectives (Croitoru, 2015).

Operational risk includes risks due to poor implementation and process problems, such as procurement, production, and distribu-tion. Market risks include competition, foreign exchange, commodity markets, and interest rate risk, as well as liquidity and credit risks. Legal risks arise from legal and regulatory obligations, including

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