Introduction - Uncertainty distinguishes projects from repetitive operations, key
- Risk is complex in nature and it may (or may not) be manageable
- Elements of management may be beyond the single project
- These often reflect political, social and other organisational issues
- Evaluation of risk is important, it indicates whether a project is viable
- There are well-developed procedures for managing risks
- Management of the process and outcomes
- Identifying eventualities in advance allows PM to choose actions
- Opportunity also a part of uncertainty, consider at
- Project level: new capabilities or unexpected uses of outcome
- Task level: an early finish allows next project to start early or development of a better method
10.1 The nature of risk and risk management - Definitions of risk:
- The possibility of suffering harm or loss
- [PMI BoK 2004]
- Uncertainty inherent in plans and the possibility of something happening (i.e. a contingency) that can affect the prospects of achieving business or project goals
- [BS 6097 (2000) Part 3: Guide to the Management of Business Related Project Risk]
10.1 The nature of risk and risk management (Continued) - Risk management incorporates a process for
- Project planning looks into the future; there is always uncertainty
- Individuals have different perspectives on risk
- Individuals are prepared to accept different cost/benefit levels
- Individuals will choose different levels of risk
- Treatment of risk is based on partial knowledge and instinct
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