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Project managers more than most know how to mitigate risk and use it as a core strategy in project management.
Definition risk project management. 2 risk management focuses on identifying and assessing the risks to the project and managing those risks to minimize the impact on the project. Risk is the possibility of loss or injury. I suggest the risk definition from pmi s project management body of knowledge pmbok guide. Project risk is defined by pmi as an uncertain event or condition that if it occurs has a positive or negative effect on a project s objectives project risk management remains a relatively undeveloped discipline distinct from the risk management used by operational financial and underwriters risk management.
Risk is when an uncertain event or condition can occur and have an effect on the project outcome. Pmbok definition of project risk so here is the pmbok guide definition. It is a hazard or chance that can create damage. A risk register is used to document risks analysis and responses and to assign clear ownership of actions.
Whether that undertaking is a family reunion or a multi billion dollar new. The goal is to minimise the impact of these risks. That effect can be positive or negative. Project risk management is the process that project managers use to manage potential risks that may affect a project in any way both positively and negatively.
Risk is inherent in everything we do. The project risk management process reflects the dynamic nature of project work capturing and managing emerging risks and reflecting new knowledge in existing risk analyses. Jennifer laid out a definition of risk for project management. Risk management is defined as identifying assessing prioritizing and mitigating risks associated with any undertaking.
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