Your Guide to Project Management Best Practices

Tagged: risk

The plan and process of risk management

PM Tips & Ideas

Defining Risk Management Plan and Process Lifecycle

The gurus of project management point out that a sound risk management plan can decrease the rate of project failure by as much as 60-70 percent. Such a plan in combination with a well-defined risk management process will help the project manager and senior stakeholders to identify and solve most potential problems and also anticipate and respond to changes occurring throughout the project lifecycle. Planning for risk management appears to be critical to project success, allowing the team to prevent loss and avoid jerk reactions.

managing project risks

PM Tips & Ideas

Managing project risks – Learning project risk definition and undertaking risk management process

If you start reading project management literature, you may find there various definitions of project risk. The variety of project risk definitions is caused by the fact that each kind of project (e.g. IT projects and construction projects) may have specific kinds of risks that influence project results. However, the nature of project risks is the same for every kind of project, so there should be common definition of risks. In this article the following project risk definition is used: A project risk refers to a combination of probabilities that cause an event’s appearance and the outcomes that the event produces. Project risks can be identified, estimated, assessed and controlled within project risk management activities.