Excerpt from Chapter 7 – “IMPLEMENTING RISK MANAGEMENT”

Published January 29, 2017

Project Management for Experienced Project Managers | Victor Allen and Ron May

Excerpt from Chapter 7 – “IMPLEMENTING RISK MANAGEMENT”:

Murphy was right, and particularly concerning project management.
Our best-laid plans will experience unexpected problems that will
increase cost and delay the completion of the project. What is the
solution? Can anything be done to avoid these many problems so
that we can stay on target? The answer is “Yes”, some of the problems
can be avoided or their effect can be lessened with an effective
risk management process. In addition, contrary to Murphy, not
everything that can go wrong will go wrong. Appropriate project
planning and monitoring will have a beneficial impact on the project.
The purpose of this chapter is to provide the framework around
how risks will be identified, managed, and controlled.

The process of project risk management is part of the initial planning
process of the project, and parts of the process continue throughout
the life of the project. The process of managing and responding to
unplanned events is only completed with the completion of the project.