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Risk Management

"Since you don't know what you don't know, it is virtually impossible to remove all possible risks from a project. This is not intended to be a defeatist attitude in anyway. Our objective in recognizing this reality is not only to work harder to mitigate known risks, but also to build a risk management strategy that can deal with unforeseen events."

"A risk management strategy also involves balancing the costs of defining and building risk mitigation strategies and contingency plans with the benefits of avoiding a specific risk - when evaluated against probability of occurrence and impact to the project."

"Risk can overwhelm a project for several reasons, including the following:

  • Risks were inadequately identified.
  • Mitigation strategies were not correctly defined.
  • Mitigation strategies were not correctly implemented.
  • Actual project status was not reported correctly.
  • Responsibilities were unclear."

"Invoking a project rescue intervention implies that at least one of the project risks has occurred. This chapter presents a methodology and framework for reworking the original project risk assessment so that it will be more effective during the rescue process. The next chapter examines specific risk factors and how to deal with them."

Basic Process

Risk Management Strategy

Risk Discovery

Risk Evaluation and Details

Risk Mitigation

Risk Reporting

Risk Review

Rules for Managing Risk

Risk Management Tools

The above is an excerpt from a book written by Sanjiv Purba and Joseph Zucchero, published by McGraw-Hill/Osborne, 2100 Powell Street, 10th Floor, Emeryville, California 94608 U.S.A. Sanjiv has over 20 years of experience managing large projects and many years engaged in rescuing ailing projects.