How risk management effect on the Cost , quality , scope , schedule ??

YES, RISK MANAGEMENT AFFECT THE WHOLE FUNCTION OF THE SYSTEM WHEN IT APPLIES.

Risk Management task to avoid getting into adventures that may affect the performance of the organization and create a lot of problems,

For example,entering into product performance inrelation to the world marke tprice will certainly affect the cost of such products that are related to the main commodities, gold or elements of chemical and petroleum   Also continue in a particular activity there is weakness in the market and lack of diversification into other activities creates financial difficulties in selling

Risk mamagement defenition is to know what will you do when you have risk ( any type of risk) by putting plan for every little senario and how we could manage the situation and of course it affects the following:

1- costs : It decrease costs as it ensures good and wise reaction to first defined problem.

2- quality : when you know you may face specific problem on some raw materials for example you put plan b to use another supplier that can help you give same quality at same time without losing your image with your customers.

3- scope : when you define risks that may arise you make your scope or goal very clear that you will reach this goal regardless any risk you may face.

4- schedules/plans you put plan b with new schedules for delievery times ,suppliers , finanace aid and all other issues that contribute achieving your goal.

 

thanks,

Risk management aims at monitoring risk factors pertaining to cost (financial), schedule (time) and scope (goals and objectives) to a project that all affect quality, in the so-called Triple Constraint or the Project Management Triangle.