The Project Risk Management " includes the processes concerned with conducting risk management planning, identification, analysis, responses and monitoring and control a project": the main task of Project Risk Managment is "[...] to increase the probability and impact of positive events, and (to) decrease the probability and impact of events advers to the project" (comp. PMBOK3, p. 237).
Risk is one of the 9 topic areas of project management knowledge.
A risk is the chance of something happening that will have an impact upon objectives. Risk can have both positive (upside risk) and negative (downside risk) consequences.
Project Risk Management is the process of evaluating alternative responses to project risk and selecting among them.
Risk management in projects/programmes include at least the following processes:
A project risk is a potential source of deviation from the project plan. Project risks can have a negative or positive impact on the project. Project risks that are negative are called threats. Project risks that are positive are called opportunities.
Responses to threat include:
- Reducing the probability of risk
- Developing contingency plans
- Passively accepting consequences.
- Transferring risk (Insurance or subcontracting are examples of transferring risk)
Processes, phases and toolEdit
|Project Processes||Project Phase||Key Deliverables|
|Project risk management planning||Detailed Planning or design stage||Example|
|Monitor and control risks||Project Execution and Control||Example|