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Introduction to Project Management Processes - Risk Management
May 13, 2009 | Author: PM Hut | Filed under: Project Management for Beginners, Risk Management
Introduction to Project Management Processes - Risk Management (#2 in the series Introduction to Project Management Processes)
By The Office of Government Commerce - OGC, UK
Throughout the life of a project there will be risks that need to be managed, to reduce the likelihood and impact of unwanted outcomes such as time and cost overruns as a result of changes in the business environment. There should be a Risk Management Framework that is applied consistently across the organisation and a Risk Management Strategy for the project that takes account of the wider business perspective as well as the immediate risks associated with the project. Where suppliers and/or partners are involved in the project, it is essential that there is a shared understanding of risk. There may need to be contingency plans and risk allowances (funding and time) allocated to allow for the possibility of (for example) delays or failure for a service to be taken up. A Risk Register or Risk Log is a key tool for managing risk, which must be reviewed and updated continually throughout the life of the project. Responsibility and ownership for managing risks must be assigned to individuals with the authority to take appropriate action on risk.
Successful delivery toolkit, the Office of Government Commerce - © Crown Copyright 2009
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