Risk Management
Managing release or project risk is essential in order to reduce the potential impact negative events have to project duration, cost or quality. The process of identifying, managing, analyzing and mitigating these events is referred to as risk management. It includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of adverse events to project objectives.
An initial assessment of project risk is performed at the conclusion of the Initiate phase of the project. However, major project risks will have to be identified as early as the Planning phase and actively reviewed, monitored and controlled over the course of the project. XXXX's risk management strategy will be familiar to anyone who has used the Project Management Body of Knowledge (PMBOK) as many of the elements in XXXX's plan are derived from this PMI standard.
Risk management is a project-supported activity that should occur throughout the duration of the project and/or release.
Learning objectives
Activity 1
Think about what you know about risk management and then share your responses to the following questions with your colleague in the Sharepoint teamspace.
1. Have you had any prior experience with risk management on projects in the past? Describe your experience.
2. Have you had any prior experience with projects that have failed? Why did they fail? What do you think could have been done better?
B.Johnston/2006