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Risk Management 101: Introduction to Project Risk Management
February 29, 2008 | Author: PM Hut | Filed under: Risk Management
Risk Management 101: Project Management is Risk Management (#1 in the series Risk Management 101)
By Craig Brown
In my mind Project Management is Risk Management. And so are defined business processes.
Much of the ISO9000 quality framework is based upon the belief that standardised processes increase quality through a reduction is defects; which is risk management at the operational level. The favour that the Prince2 methodology has is that it’s a process that guides people through the project; reducing risk through knowing what the expectations and next steps are going to be. Similarly PMI has created processes and checklists of things to tick off in 9 areas of project management – so you can mitigate the risk of ignoring or forgetting certain aspects of the project.
Naturally these are also more than project management, but Risk Management is fundamental to what they are and what they do.
As business evolves into the 21st Century, and as your career as a project worker develops the complexity of the environment escalates and so does the scale of projects you work on and the potential costs of failure. So risk management becomes more and more crucial to managing better projects.
Over the next couple of weeks I am going to post a Risk management 101 series of articles running through the key areas of project risk management:
- Raising a risk
- Risk management systems
- Describing a risk
- Assess a risk
- Manage a risk
- Monitor a risk
Craig Brown has worked as a project manager and business analyst mainly in the Australian ITC and the banking industries. He has also worked in the law, education and welfare industries, including starting a law firm. Craig now has a Master’s degree in project management from RMIT university, and is currently working with a Melbourne based IT consulting firm called OptimiseIT. Craig’s personal blog can be found at http://betterprojects.net.
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