Risk management is not a new concept but has been growing momentum as of late. Project managers are expected to know the risks inherent in their projects and give them the appropriate level of scrutiny. Definition Project risk is defined by the Project Management Institute as an uncertain event or condition that, if it occurs, has a positive or negative effect on one or … [Read more...]
Search Results for: risk
Risk Planning Basics
Risk management is one of the ten project management knowledge areas in the Project Management Body of Knowledge. In PMBOK theory, there are six main process groups within Risk Management. Five of those occur in the planning stage of a project. Thus, Risk Planning includes the following tasks: Identifying Risks Prioritizing Risks Determine Triggers Determine … [Read more...]
How to Write a Risk Management Plan
Few projects go off without a hitch, especially when client/sponsor relationships are not strong. That's why I would argue that risk management is one of the most important components of project management. When unexpected events occur, it is clear that the identification and analysis of risks is a central cog in the wheel preventing small mishaps from morphing into … [Read more...]
Control Risks
Knowledge Areas Risk Management Project Risk Management Risk Identification Risk Analysis Plan Risk Responses Control Risks Risk monitoring and control during project execution is crucial to ensure a that project risks are accounted for and properly dealt with. Many things change during the course of the project which render parts of the risk … [Read more...]
Plan Risk Responses
Knowledge Areas Risk Management Project Risk Management Risk Identification Risk Analysis Plan Risk Responses Control Risks Once the risks to the project have been identified, their probability and impact given a value, and an overall priority established, risk responses should be drawn up. For each response plan, trigger conditions should be … [Read more...]
Risk Analysis
Knowledge Areas Risk Management Project Risk Management Risk Identification Risk Analysis Plan Risk Responses Control Risks In an effective project risk management system, the project managers must focus their attention on the highest priority risks. Thus, upon determination of the primary risks to a project, this step seeks to sort the list into … [Read more...]
Risk Management Plan Components
Few projects go off without a hitch, especially when client/sponsor relationships are not strong. That's why I would argue that risk management is one of the most important components of project management. When unexpected events occur, it is clear that the identification and analysis of risks is a central cog in the wheel preventing small mishaps from morphing into … [Read more...]
Risk Identification
Knowledge Areas Risk Management Project Risk Management Risk Identification Risk Analysis Plan Risk Responses Control Risks The first step in a good risk management plan is the identification of risks. The other phases of project risk management are built on the foundation built here. A comprehensive list of potential risks to the project must be … [Read more...]
Project Risk Management
Knowledge Areas Risk Management Project Risk Management Risk Identification Risk Analysis Plan Risk Responses Control Risks Project risk is defined by the Project Management Institute as an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. Risk management is the process of … [Read more...]
Day 8: Mitigate Project Risks
Risk management,as a subset of project management, is not a new concept but has been growing momentum as of late. Project managers are expected to know the risks inherent in their projects, and give them the appropriate level of scrutiny. Definition Project risk is defined by the Project Management Institute as an uncertain event or condition that, if it occurs, has a … [Read more...]