Risk escalation is the process of finding, evaluating, and telling others about a risk that has become more serious and could cause more damage. In project management, risks can grow because of a number of things, such as changes in the project’s scope, unplanned events, and changes in the project environment that were not expected.
When a risk is found, it should be evaluated based on how likely it is to happen and how bad it could be. If the risk is big and would have a big effect on the project, it should be brought to a higher level of management to be looked at more closely and a decision made.
A clear and effective risk escalation plan is important to make sure that risks are found, evaluated, and dealt with in a timely and appropriate way. This can help reduce the bad effects of risks on the project and make it more likely that the project will be successful.
Usage
It is used in Risk Management
