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msc52njit-edu replied to the topic Dangerous Syndromes for risk management in the forum Project Management Process and Medical Device Development 7 years, 5 months ago
The saying everything is about risk means that the entire project is dependent on whether the reward of pursuing this project will out weigh the risk. If the risk is too great than the project will not be forth pursuing. When calculating this total risk the project team has to look at all components of the project since they all carry their own individual risk, which alone may not be that detrimental but when combined with other risk can make the project a problem. Risk is such a major influencer especially in the medical field, as risk can scare off potential investors if they believe they can lose money. Also, health risks posed to the users can also scare away users from trusting and using the product. If you believe a small risk can scare away potential buyers, even though it doesn’t carry any major consequences then it can still have a major influence on whether to keep pursuing a project. Risk is everything to projects because if risk was never considered than any idea would be considered possible, as there are no consequences of making mistakes. Every action will produce a consequence and it is important to predict what consequences will arise so as to better prepare an action plan to deal with them.