Transcription of Chapter of Project Management Tools and …
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Chapter of Project Management Tools and …
Chapter 7 Tools and Techniques of Project Management 1. Risk Management Risk is the chance or probability of something that may or may not occur; it is something which can be quantified (using standard deviation). Uncertainty is something, which cannot be predicted with statistical confidence, normally due to insufficient information. In a Project environment there is always a risk or chance that adverse conditions occur, which could cause the Project to fail, or fail to meet its planned objectives time, cost and quality. A Project manager or a Project board should consider the different tasks, activities and work to accomplish Project deliverables, and consider any risk that an actual outcome could differ to an expected outcome. The financial and non-financial effects of each risk should be well documented, each risk perhaps classified into groups for better understanding of its implications.
3 Risk management strategies • Retain the risk (Absorption) e.g. if the risk is small and won ˇt effect the project a great deal then ˘do very little and live with it ˇ.
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