Aims of this chapter

11. Project Risk Management

What is project risk management?

Risk management principles

Risk management planning

Risk identification

Qualitative risk analysis

Quantitative risk analysis

Risk response planning

Risk monitoring and control

Project risk management

This chapter will cover the processes involved with project risk management to ensure that project risks are decreased and opportunities are increased, because every project involves risks. The proper management of risk is acknowledged as a key element to effective project management. The use of risk management should result in the project manager being proactive and in control of the project, rather than the other way round if situations are not planned for. This process will enhance the probability of the project achieving customer satisfaction within the 'triple constraint'. By the end of this chapter, the reader should:

  • know what risk management is, how it works within project management and its proactive approach on the delivery of a project;

  • be able to determine the planning and preventive actions required to increase the opportunities and decrease the threats which affect the progress of the project;

  • be able to apply risk analysis within project management to ensure resources are targeted at the areas identified within the scale of project priority;

  • be able to explain the need for treating project risk management as a distinct knowledge area within project management.

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Definitive Guide to Project Management. The Fast Track to Getting the Job Done on Time and on Budget
The Definitive Guide to Project Management: The fast track to getting the job done on time and on budget (2nd Edition)
ISBN: 0273710974
EAN: 2147483647
Year: 2007
Pages: 217
Authors: Sebastian Nokes
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