Risk analysis is the management and control and assessment of risk to a firm.
Explanation:
A risk is a likelihood that a project will fall to meet its objectives. A project risk s a certain event or condition. Risk management focuses on identifying and assessing the risks of the project to minimize the impacts.
Some of the management tools to manage risks are to plan risk management, risk identification, perform a quantitative risk analysis. Risk audits, meetings, reserve analysis, variance, and trend analysis, etc.
Compute the risk to the stakeholders and monitor and control the risks. Check for incidence and determine future outcomes.
