What is Project Risk Management and Risk Analysis?

Lev Virine and Michael Trumper

Chapter 1 in Project Risk Analysis Made Ridiculously Simple, 2017, pp 3-19 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Why do certain projects fail where other similar projects succeed? Is it the skills of the project manager and team members, availability of resources (including financing), clearly defined objectives, or stakeholder engagement? It could be many factors, but one of the critical ones is a well conducted project risk management and risk analysis process. In this chapter, with the help of a couple of examples, we will explain the basic concepts of risk management and risk analysis. We will also discuss the concept of risk (what is it?), risk properties, risk categories, and risk mitigation and response planning.

Keywords: Project Management; Risk Management; Risk Analysis (search for similar items in EconPapers)
JEL-codes: D81 G32 (search for similar items in EconPapers)
Date: 2017
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