From Project Manager's Spotlight on Risk Management
Overview
Can you name the ultimate project management four-letter word? You guessed it: R-I-S-K. This word is uttered either in complete confidence or under the breath as something the project manager wished he or she knew something more about.
Risk management is an integral part of project management. I ll start this chapter with a discussion of the basics of risk management, including the definition of risk, the purposes of risk management, the processes involved with risk management, and principles of risk management.
At the conclusion of this chapter, I ll introduce a case study that you can follow throughout the book. The project manager in the case study will handle issues in her project that I ve discussed during the chapter. Don t be caught off guard if there are a few surprises along the way. After all, that s how most projects work.
Are you ready to dive in?
Defining Risk
Most of us tend to think of risk in terms of negative consequences. It s true that risks are potential events that pose threats to the project. But they re also potential opportunities. That s the side of the equation we often forget.
For instance, did you know you re taking a risk by reading this book? You re investing a few hours of your time reading about the topic of risk and risk management and for that I thank you but it s time that you can t regain once you expend it. You will (I hope) get to the end of this book and realize you learned a...
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Topics of Interest
Overview In this chapter, I ll discuss the how-tos of managing risks. The first step, of course, is to identify risks. I ll start by discussing a high-level overview of the identification process.
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So far, you ve learned the importance of defining a risk management plan, and you ve looked at some techniques for identifying risk. I also discussed some of the common project risks that can occur on...
You ve reached the last two steps in the risk management processes: monitoring risk response plans and performing risk audits. In this chapter, I ll discuss how and when to implement risk plans, the...
Overview Two remaining risks plague every project. They re scope and schedule risks. Scope defines elements such as the goals, deliverables, and requirements of the project. The risk problem rears...
