Risk management is the recognition, assessment, and control of uncertainties that may result in schedule delays, cost overruns, performance problems, adverse environmental impacts, or other undesired consequences.
A risk management strategy is an integral component of a comprehensive project plan and controlled project delivery. The overall goal of a risk management strategy is to progressively reduce a project’s exposure to events that threaten accomplishment of its objectives by incorporating approaches into the project plan that minimize or avoid identified risks; developing proactive, contingent risk response actions; and implementing rapid risk responses based on timely identification of risk.
A comprehensive model for risk identification will incorporate people, processes, and technologies. It will operate within the project charter, project scope, and project budget.
This whitepaper discusses how to identify, classify, and assess risks, then put together a comprehensive strategy and plan with processes to effectively manage, monitor, and respond to risks.
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Mitigating Project Risk ⇒