What is Risk Sharing?

Risk In project management, sharing is similar to dividing up anxieties or possible difficulties among the team or other parties involved, similar to splitting the weight of carrying groceries with a buddy. Simply expressed, it means distributing the responsibility and effect of risks across numerous parties rather than placing it entirely on one. For example, if there is a chance that weather may cause a construction project to be delayed, both the contractor and the customer may agree to share this risk by changing the project schedule jointly. It’s a technique to alleviate the strain of dealing with hazards on your own, making the project more manageable for everyone concerned.