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 project 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)
Learn about Guide to the Basics of Project Risk Management.
This guide is not an academic theory in a vacuum. I collected all my knowledge and experience through the lens of a Project Manager who did not manage risks in a systematic way. I put a lot of practical and actionable suggestions you can use at once.
Discover possible implementations of Risk Management on a project.
Get ready to use risk management framework
Master a simple Risk Management Plan that you can immediately apply on your project
Log, track, and control risk with a professional Risk Register
Learn how to Identify Risks and boost the process with 43 risk categories you definitely have on your project.
Become proficient in Qualitative Risk Analysis and work with risks that really matter.
Find out how to select appropriate Risk Response Plan
Articles on Risk Management at Project Management Basics:
- Simple Project Risk Management Plan that Works
- What Really is The Best Risk Response Strategy?
- Risk Register – All You Need to Know About It
- How to Perform Qualitative Risk Analysis for the First Time
- 43 Important Risk Categories for Effective Risk Identification
- 6 Practical and Effective Risk Identification Techniques
- Risk Management Framework Explained in Simple Words
- 3 Powerful Risk Management Examples
Control Stakeholders with Risk Management
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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