Project Control Methods and Best Practices

CHAPTER 10

Risk Management

Introduction

This chapter provides an overview of risk management, which was identified by the PCIM project control methodology research as the second most common factor that can inhibit effective cost and time control. Risk management is an inseparable and integral part of project management and critical for driving a project successfully. In fact, one of the benefits of applying project controls to a project is to unearth emerging risks to the cost and time performance of projects for corrective actions to be taken as appropriate. Risk management is also important for project control because during project delivery, risk analysis can be used to give probabilistic forecasts that provide levels of confidence in meeting ...