Wither Risk Management?

PMI Northern Alberta Chapter

Craig is based in Edmonton, Alberta, Canada and has worked with ProjectManagement.com for the last six years developing the various HEADWAY processes (Project, Change and Portfolio). He has hosted a series of webinars and is a business intelligence subject matter expert.

Risk management has been all over the project management press and the larger media for a long time. We are inundated with talk about risk in so many different mediums and risk areas including security (personal and state), business, finance, projects and so on. You’d think we were all experts on the topic by now.

Within the project management community specifically, there are articles, webinars, dinner presentations and training courses on the subject. Talk and discussion about risk management is everywhere. So if everyone is talking about it, why do so few people seem to do it? In this article, we will examine some of the reasons for this and explore some efforts to tackle the problem.

People Do Not Understand the Concept of Risk Management
One of the key reasons why organizations, projects and people don't spend enough time identifying, responding to and dealing with risk is the overall lack of understanding of the concept. People do not have a solid enough understanding of the terms (risk, risk events, probability, impact, contingency, triggers, etc.) or the risk management process (identification through monitoring into closeout and lessons learned). If you don't understand the terms or the concepts, it makes it difficult to spend time in that space to better define and deal with the risks on your project.

People are Scared of What They Will …

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