There are various formal methods in the world that deal with risk, indeed there are as many risk methods as there are project management methods, possibly more. PRINCE2, the government’s favourite project methodology, includes one of the more widely accepted methods. Most of the accepted qualifications for project management (e.g. those provided by the various professional bodies, see the organisations list at the end of the book) cover risk planning and control or management. It is now standard practice for any project to look at and plan for risk. The benefits are well worth the effort involved: a procurement is a project, so set aside time for it.

The risk method described here is a simplified version of those that are ...

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