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Risk Management as Part of the Project Management Process

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You met with the entire project team, many of whom worked together during the RFP process. You introduced yourself and reviewed the project scope, deliverables, and schedule. You brought up project risk management and noticed questioning looks in their eyes. You realized that project risk management means different things to different people.

What does project risk management mean in the context of project management? Use the materials at your disposal, and PMBOK, to describe project risk management as a component of the project management process

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Risk Management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events. Risks can come from uncertainty in financial markets, project failures, legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attacks from an adversary. Several risk management standards have been developed including the Project Management Institute, the National Institute of Science and Technology, actuarial societies, and ISO standards. Methods, definitions and goals vary widely according to whether the risk ...

Solution Summary

The solution examines project risk management processes. The expert uses PMBOK to describe the risk management as a component of the project management process.