A comprehensive overview of project risk management, providing guidance on implementing and improving project risk management systems in organizations This book provides a comprehensive overview of project risk management. Besides offering an easy-to-follow, yet systematic approach to project risk management, it also introduces topics which have an important bearing on how risks are managed but which are generally not found in other books, including risk knowledge management, cultural risk-shaping, project complexity, political risks, and strategic risk management. Many new concepts about risk management are introduced. Diagrams and tables, together with project examples and case studies, illustrate the authors’ precepts and ideas. Each chapter in Managing Project Risks begins with an introduction to its topic and ends with a summary. The book starts by providing an understanding and overview of risk and continues with coverage of projects and project stakeholders. Ensuing chapters look at project risk management processes, contexts and risk drivers, identification, assessment and evaluation, response and treatment options, and risk monitoring and control. One chapter focuses entirely on risk knowledge management. Others explore the cultural shaping of risk, political risk in projects, computer applications, and more. The book finishes by examining the current state and potential future of project risk management. In essence, this book: Effectively communicates a conceptual and philosophical understanding of risk Establishes the nature of projects and the stakeholders involved in them Presents a systematic and logically progressive approach to the processes of project risk management Demonstrates how to recognize the drivers of project risks and the factors which shape them Emphasizes the importance of capturing and exploiting project risk knowledge Provides guidance about implementing and building (or improving) project risk management systems in organizations Managing Project Risks will benefit practitioners and students of project management across a wide range of industries and professions.

Integration, general approach and definitions - Risk identification - Risk assessment goals and methodology - Computer applications - Risk response and documentation - Management of contingency allowances - Managing the risks of the project's environment - Dealing with risks in contracts.

Winner of the Project Management Institute’s David I. Cleland Project Management Literature Award 2010 It’s no wonder that project managers spend so much time focusing their attention on risk identification. Important projects tend to be time constrained, pose huge technical challenges, and suffer from a lack of adequate resources. Identifying and Managing Project Risk, now updated and consistent with the very latest Project Management Body of Knowledge (PMBOK)® Guide, takes readers through every phase of a project, showing them how to consider the possible risks involved at every point in the process. Drawing on real-world situations and hundreds of examples, the book outlines proven methods, demonstrating key ideas for project risk planning and showing how to use high-level risk assessment tools. Analyzing aspects such as available resources, project scope, and scheduling, this new edition also explores the growing area of Enterprise Risk Management. Comprehensive and completely up-to-date, this book helps readers determine risk factors thoroughly and decisively...before a project gets derailed.

Effective risk management is essential for the success of large projects built and operated by the Department of Energy (DOE), particularly for the one-of-a-kind projects that characterize much of its mission. To enhance DOE's risk management efforts, the department asked the NRC to prepare a summary of the most effective practices used by leading owner organizations. The study's primary objective was to provide DOE project managers with a basic understanding of both the project owner's risk management role and effective oversight of those risk management activities delegated to contractors.

A comprehensive overview of project risk management, providing guidance on implementing and improving project risk management systems in organizations This book provides a comprehensive overview of project risk management. Besides offering an easy-to-follow, yet systematic approach to project risk management, it also introduces topics which have an important bearing on how risks are managed but which are generally not found in other books, including risk knowledge management, cultural risk-shaping, project complexity, political risks, and strategic risk management. Many new concepts about risk management are introduced. Diagrams and tables, together with project examples and case studies, illustrate the authors’ precepts and ideas. Each chapter in Managing Project Risks begins with an introduction to its topic and ends with a summary. The book starts by providing an understanding and overview of risk and continues with coverage of projects and project stakeholders. Ensuing chapters look at project risk management processes, contexts and risk drivers, identification, assessment and evaluation, response and treatment options, and risk monitoring and control. One chapter focuses entirely on risk knowledge management. Others explore the cultural shaping of risk, political risk in projects, computer applications, and more. The book finishes by examining the current state and potential future of project risk management. In essence, this book: Effectively communicates a conceptual and philosophical understanding of risk Establishes the nature of projects and the stakeholders involved in them Presents a systematic and logically progressive approach to the processes of project risk management Demonstrates how to recognize the drivers of project risks and the factors which shape them Emphasizes the importance of capturing and exploiting project risk knowledge Provides guidance about implementing and building (or improving) project risk management systems in organizations Managing Project Risks will benefit practitioners and students of project management across a wide range of industries and professions.

Risk management is a vital concern in any organization. In order to succeed in the competitive modern business environment, the decision-making process must be effectively governed and managed. Managing Project Risks for Competitive Advantage in Changing Business Environments presents critical discussions on effective risk management in projects and methods to ensure overall success in project outcomes. Highlighting theoretical foundations, innovative practices, and real-world applications, this book is a pivotal reference source for managers, practitioners, upper-level students, and other professionals interested in how to properly adopt project risk management systems and tools.

Abstract (Summary) Frequent occurrence of software project failures has created two general streams of research. One theme analyzed the common causes of cost overruns, late schedules, and unmet scope. With the belief that project failures are avoidable through proactive means, another group of researchers investigated software project risks. With such intent, comparative studies were conducted in Finland, Hong Kong, and the United States. Subsequent research in Nigeria determined the impact of the socioeconomic context. To further extend the coverage of prior studies, the research in the current study focused specifically on the Canadian financial services sector. Project managers were solicited for input to discover, determine, and rank risk factors in software projects using the same research design that was used in previous comparative research studies--a three-phase Delphi survey that uses nonparametric statistical techniques. In sharp contrast to prior studies, however, this research aimed not for general applications of the results at the country level but for specific collective relevance to software projects in banks, trust companies, insurance companies, mutual fund companies, and similar organizations. The composite rankings of the studies in Hong Kong, Finland, and the United States listed lack of management commitment, inability to get user commitment, and misunderstanding of the requirements as the top three risk items in software projects. Given that only the misunderstanding of requirements made it into the top three risk items in Nigeria, it would be of value to scholars and practitioners to determine how the results would differ if the study was conducted in a specific sector in the industry. Except for one risk factor (lack of dedicated, full-time project resources), this study confirmed that the previous list of risk factors captured the top risk factors in the Canadian financial services sector.

Those tasked with the planning and construction of infrastructure and development operations face an increasingly uncertain context in which they must address risks across a number of different fields. These range from the environmental and archaeological to the social, political and financial. As a consequence, the formal and informal practices of stakeholders often incorporate projections of risk and opportunity. Project Risks analyzes this paradigm shift. It reviews the origin and nature of these uncertainties, and the practices implemented by the actors to mitigate or take advantage of them. Paradoxically, these practices generate new risks and power relations that are not compatible with the collaborative planning model. These paradoxes force the rethinking of practices such as project territorialization, risk taking in planning and the responsibility of actors, as well as the societal and political choices that must be made between the realization of projects and the protection of the environment.

This is an update and expansion upon PMI's popular reference, The Practice Standard for Project Risk Management. Risk Management addresses the fact that certain events or conditions may occur with impacts on project, program, and portfolio objectives. This standard will: identify the core principles for risk management; describe the fundamentals of risk management and the environment within which it is carried out; define the risk management life cycle; and apply risk management principles to the portfolio, program, and project domains within the context of an enterprise risk management approach It is primarily written for portfolio, program, and project managers, but is a useful tool for leaders and business consumers of risk management, and other stakeholders.

Risk analysis and management - an overview. When to apply risk management. Quantitative techniques for project risk analysis. Risk in estimating. Contract stategy...