Mastering Risk and Procurement in Project Management: A Guide to Planning, Controlling, and Resolving Unexpected Problems

1. Risk Strategy and Planning

1.1 Introduction

All projects, large or small, simple or complex, have the potential for project activities to face changes due to the reality of risk events and their influence. There are two types of events—risks and uncertainties. The project manager must develop a plan to address these types of issues. The first step in addressing risk on projects is to understand that risk events will likely happen to some degree on every project, and a plan for dealing with risk should be developed. The best way the project manager can accomplish this is to change the mindset from worrying about problems that might occur to designing a risk management plan as a process that’s carried out on every project.

As with many things ...