Managing Risk in Projects  book cover
1st Edition

Managing Risk in Projects

ISBN 9780566088674
Published August 28, 2009 by Routledge
126 Pages

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Book Description

Projects are risky undertakings, and modern approaches to managing projects recognise the central need to manage the risk as an integral part of the project management discipline. Managing Risk in Projects places risk management in its proper context in the world of project management and beyond, and emphasises the central concepts that are essential in order to understand why and how risk management should be implemented on all projects of all types and sizes, in all industries and in all countries. The generic approach detailed by David Hillson is consistent with current international best practice and guidelines (including 'A Guide to the Project Management Body of Knowledge' (PMBoK) and the 'Project Risk Management Practice Standard' from PMI, the 'APM Body of Knowledge' and 'Project Risk Analysis & Management (PRAM) Guide' from APM, 'Management of Risk: Guidance for Practitioners' from OGC, and the forthcoming risk standard from ISO) but David also introduces key developments in the risk management field, ensuring readers are aware of recent thinking, focusing on their relevance to practical application. Throughout, the goal is to offer a concise description of current best practice in project risk management whilst introducing the latest relevant developments, to enable project managers, project sponsors and others responsible for managing risk in projects to do just that - effectively.

Table of Contents

Contents: Uncertainty and Risk: Current sources of uncertainty; Responding to uncertainty; Distinguishing between uncertainty and risk; A pragmatic distinction; Three refinements; Not all uncertainty is risk, all risks are uncertain. Risk and Projects: What's wrong with projects?; Why are projects risky?; Why manage risk in projects?; 'Risks' or risk'?; Why is risk management important to projects? Managing Risk in Practice: Towards a risk management process; From narrative to reality; Describing the risk process; Not 'one-size-fits-all'; More than a process. Risk and People: Understanding risk attitude; Influences on the risk attitude spectrum; Risk attitudes and decision-making; Risk attitudes and the risk process; Managing risk attitudes; People plus process. Integrating Risk Management with Wider Project Management: Managing risk throughout the project lifecycle; Contribution of risk management to other project management disciplines; 'Built-in not bolt-on'. The Bigger Picture: Strategy, tactics and projects; Hierarchy of objectives, hierarchy of risk; Project risk management in the programme context; Enterprise risk management as an integrative framework. Making Risk Management Work: Risk energetics; Internal factors; External factors; Risk energetics across the project lifecycle and beyond; Proving it works; Why bother?; And finally... References and further reading; Index.

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Dr David Hillson PMP FRSA HonFAPM FIRM FCMI is an international risk management consultant, and Director of Risk Doctor & Partners ( He is a popular speaker and author on risk and is widely recognised as a leading thinker and practitioner in the risk field. David has made several innovative contributions to improving risk management. He is an active member of the Project Management Institute (PMI), a founder member of its Risk SIG, and is currently PMI Risk SIG Director of Technical Development. He received the PMI Distinguished Contribution Award for his work in developing risk management over many years. He is a Honorary Fellow of the UK Association for Project Management (APM) and past chairman of its Risk SIG. David is also a Fellow of several other professional bodies, including the UK Institute of Risk Management (IRM), the Royal Society for the Encouragement of Arts, Manufactures & Commerce (RSA), and the Chartered Management Institute (CMI).


'This is risk management that recognises and works with the complexity of business strategy and decision making...This is a practical book and a serious introduction to the area of risk management in projects.' - Carol Long, MCQI CQP, Quality World ’...this is in fact a little gem of a book, bursting with information on every page...I believe there is a wide audience for this book, ranging from those governing projects through to those managing and supporting projects. Anyone interested in implementing or improving their current approach to risk would also find this guide a useful addition to their library.’ - John Fisher, Risk Management Professional This short book packs a lot of punch...Since getting this book, the reviewer has frequently referred to two of its concepts in his course on Risk Management in a Masters Project Management degree. First is the definition of risk that differentiates between Risk and Uncertainty by defining "risk as uncertainty that matters" and secondly the concept of risk management being "Built in Vs Bolt On"...The book makes a good representation of project, program and portfolio management and how risk management needs to be undertaken at each level. This helps to remove a lot of ambiguity when it comes to knowing how projects are connected to programs and programs to portfolio and how the risk should be managed at each level.' Tayyab Maqsood, School of Property, Construction and Project Management, RMIT University, Melbourne, Australia in The International Journal of Managing Projects in Business ’What I found great about this book is the amount of time that David has contributed to developing concrete, useable strategies for combating risk...David should also be praised for his easy and light writing style, which manages to free up what otherwise could and should be a pretty heavy going topic. Certainly worth a look for those existing Practitioners looking to gain a greater handle on what is often one the murkier asp