What Is Project Risk Analysis And Management?

Project Risk Analysis and Management is a process, which enables the analysis and management of the risks associated with a project. If properly handled, it can increase the success of a project when it comes to completing cost, time, and performance objectives. However, keep in mind that every project is different from one another and things can go wrong for reasons unique to a particular project, industry, or working environment. When planning a project you hope for the best, but there is always a chance that something will go wrong. Project risk managements is about being confident and knowing what to do if something goes wrong.

There are two key aspects in project risk management, and those are determining the risk, and measuring them.

When determining risk, you should look at three key aspects:

1. The event that causes a risk.
2. The likelihood of the event happening.
3. The impact that occurs on the plan.

Additional resources:

Kendrick, Tom. “Identifying and managing project risk: essential tools for failure-proofing your project”. (2003). New York. AMACOM.

Raftery, John. “Risk analysis in project management”. (2003). London; New York. E & FN Spon.