Summary

Risk is inherent in every aspect and at all levels of an endeavor. Therefore, a solution team needs to have a comprehensive and flexible approach to handle risk proactively. This includes managing risk across projects, should multiple projects be necessary to realize a solution. The same holds true for handling risk at an organizational level, should multiple solutions be required to implement a business initiative or strategy. Handling risk does not need to be cumbersome, but the process of handling risk needs to be well thought out and structured to enable the team to remain agile and able to mitigate a risk quickly should it be realized.

In the spirit of that approach, MSF provides the Risk Management Discipline. It is a systematic approach to handling risk on many levels. In this chapter, a matching risk management process was also discussed. The MSF Risk Management Process consists of six logical steps: identification, analysis, planning, tracking, controlling, and learning. The goals, inputs, activities, and outputs for each step were discussed. To handle risk effectively, a project team should cycle through these steps continuously during a project life cycle. Once the team has a reasonable mastery of handling risks, they will realize that risks are not a sign of negligence or failure. Conversely, a healthy risk management culture will turn risk into opportunity.