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What Is Project Risk Management?

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Risk Management is the identification, assessment, and prioritization of risks to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
The same is explained by real example of managing project via project management simulator SimulTrain(R). Simultrain(R) prepares managers to confront risks in real projects. Major conclusion is showing how managers do it in real projects every day.

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What Is Project Risk Management?

  1. 1. What is Risk Management ?!
  2. 2. Risk Management 42,555 Books on amazon.com 1 1 June 2nd 2015
  3. 3. Books advise Professionals do
  4. 4. Risk Management is the identification, assessment, and prioritization of risks to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.  Wikipedia.org
  5. 5. Explain this to NORMAL PEOPLE
  6. 6. What IS NOT Risk Management ?
  7. 7. Project Risk Management IS NOT ONLY A LIST OF RISKS It is a Culture
  8. 8. IS NOT A MAGIC FORMULA It is a result-oriented approach Project Risk Management
  9. 9. IS NOT COMPULSORY However, it is extremely efficient practice Project Risk Management
  10. 10. Is Not Compulsory ?  39% of project with budgets over US $10 million failed 1 1 The Standish Group, “CHAOS 2007 REX: A Standish Group Research Exchange.” 2007.
  11. 11. 1 PMI’s Pulse Of The Profession® 2015 Risk Management is Profitable
  12. 12. IS NOT A SCIENCE It is what risk-averse managers do Project Risk Management
  13. 13. What do they DO ?
  14. 14. Risk Management. How? Just Do It Every Day
  15. 15. Managers Identify Risks
  16. 16. Managers Analyze / Prioritize
  17. 17. Managers Plan Response
  18. 18. Managers Monitor Risks
  19. 19. Managers Control Risk Budget
  20. 20. Project Risk Management is WHAT PROJECT MANAGERS DO EVERY DAY!
  21. 21. “ Learning is EXPERIENCE. Everything else is just information. ” ~ Albert Einstein
  22. 22. SimulTrain® Risk Management EXPERIENCE simultrain.com sts.ch | office@sts.ch | +41 (0)21 510 11 50

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