IT Maintenance

CHAPTER 19Risk Management

Traditional risk management is an effective tool for project management. The PMBOK^® Guide defines project risk as “an uncertain event or condition that, if it occurs, has a positive or a negative effect on at least one project objective, such as time, cost, scope, or quality.” The PMBOK^® Guide also defines the objectives of Project Risk Management as “to increase the probability and impact of positive events, and decrease the probability and impact of events adverse to the project.”

To encompass maintenance, we define risk simply as events or conditions in the future that could affect your desired outcome. The effect can be positive, although most people focus on the negative. Risk Management is the discipline of thinking ...