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 »  Home  »  Risk Management
Risk Management

Risk management is the human activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources.

The strategies include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk.

Objective of risk management is to reduce different risks related to a project to the level accepted by the project board/managing organisation. It may refer to numerous types of threats caused by environment, technology, human resource and politics.



» Seven Deadly Sins of... Project Management: LUST
By Michael Cooch | Published 10/15/2007 | Risk Management | Unrated
Lust (Latin, luxuria) - Lust is usually thought of as involving obsessive or excessive thoughts or desires.

I'm defining lust in the project context as:

'Unrestrained desire without consideration of the consequences'

In this article we will be exploring how scope creep, changing baseline requirements, late project changes, gold-plating and a lack of a change control system can cause you all sorts of project pain. We'll also be investigating how Scope Management (as the penitence) can be used to bridle these project transgressions that constitute lust!
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» Risk Management for Dummies
By Michael Cooch | Published 07/9/2007 | Risk Management , Cost/Financial Management , Programme / Project Management | Rating:

Risk management (RM)…we've all heard of it…we can all describe the difference between risks and issues…but how many of us do more than create a spreadsheet (or equivalent database) which we update sporadically...how many of us when faced with the question …"Do you do Risk Management?" …reply, almost defensively, with a resounding YES…but do we secretly think that we could do more?...do we actually feel that RM is a worthwhile undertaking or just an additional management burden on your project/programme?

Well I'd like to outline, in a few short pages, how I believe you can turn RM around to create real value in the project environment, get buy-in from your senior management and implement something that not only helps you estimate your work better but also helps you manage you budget far more effectively…

Sound like an impossible task in a few pages? Well to be honest, the rules of successful RM are small in number and relatively simple to implement….

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