Practical Project Risk Management, Third Edition, 3rd Edition

2

Making It Work

Risk management is too important to be left to chance. For risk management to work, it must be applied consistently, and this is best achieved using a structured or formal approach that requires a number of components to be in place, including:

•  A supportive organization

•  Competent people

•  Appropriate supporting infrastructure

•  A simple to use, scalable, and documented process.

These factors, which are discussed later in this chapter, are often referred to as Critical Success Factors (CSFs), for two reasons:

1. Their absence leads to a failure of risk management to deliver its full benefit to the organization.

2. Their presence increases the chances of risk management being effective and successful.

Putting Critical ...