Organizations in general and project managers in particular do not perform risk analyses as well or as thoroughly as they should. Part of the problem is that risks are not easily identified, and, therefore, it is human nature to ignore those things not easily quantified. But the fact is, all projects have risks, and to ensure success, they must be identified and planned for.

Every organization should have in place a risk management process. One model for such a process is contained in this chapter and consists of these steps.

  1. Planning risk management

  2. Identifying and assessing risk

  3. Qualifying risk

  4. Quantifying risk

  5. Developing and implementing risk response

  6. Tracking risk response

  7. Controlling risk

  8. Documenting and archiving risk history

One of the key factors for risk management success is documenting and using the lessons learned from each project. Without a documented chronicle of what went right, what went wrong, the reasons for both, and the solutions to problems, an organization cannot improve its project success rate. Managing risks is the key to project success.

Managing Information Technology Projects
Managing Information Technology Projects: Applying Project Management Strategies to Software, Hardware, and Integration Initiatives
ISBN: 0814408117
EAN: 2147483647
Year: 2003
Pages: 129
Authors: James Taylor © 2008-2017.
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