Articles on Risk Management at Project Management Basics:
Project Risk Management helps to accommodate negative (or positive) impact of uncertainties, assumptions, and unexpected events. It what separates a successful project from a failed one.
But the value of risk management goes beyond that.
It helps to keep a project on schedule and under budget.
Actions to mitigate or avoid the impact of risks become a part of project scope, budget, and daily activities.
Individual Project Risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.
Overall Project Risk is the effect of uncertainty on the project as a whole, arising from all sources of uncertainty including individual risks, representing the exposure of stakeholders to the implications of variations in project outcome, both positive and negative.
(Wow! What a confusing definition. I don't recommend reading PMBOK Guide to learn Risk management)
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Once you master the basics of Project Risk Management, you will find a hidden benefit. It appears that business people and executives react to "risks" more eagerly.
They tend to help you mitigate the problems. They know - preventing risks is cheaper than dealing with consequences.
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