Can Risk Management and Project Management Work Together?
A risk-tempered project management methodology is needed for today’s projects. Risk management’s popularity has been on an upward trajectory, and there are multiple standards in our field--from world-renown organizations like the Project Management Institute (PMI), the National Institute of Standards and Technology (NIST) and the International Organization for Standardization (ISO).
This attention is well justified--complex projects requiring risk treatments have become the norm rather than the exception. They have also been under much more dynamic and unsteady business environments that demand alterations and risk reliefs to thwart off, cope with or conquer unexpected challenges. But risk management operations have mostly been carried out in parallel with--instead of infused to--project management executions. These two processes often rival each other for resources and priorities if they run side by side.
Regardless of the amount of synchronizing efforts, running these two coexisting processes usually disrupts project environments. This article presents an effective way to exploit the benefits of risk management without impairing a project’s normal operations and momentum. In the following sections, a generic project risk management process described by Wikipedia will be broken up and modified into five unique action building blocks. A
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