Project Management: Achieving Competitive Advantage, Fifth Edition

7 Risk Management

Chapter Objectives

After completing this chapter, you should be able to:

1. 7.1 Define project risk.

2. 7.2 Recognize the four key stages in project risk management and the steps necessary to manage risk.

3. 7.3 Explain the Project Risk Analysis and Management (PRAM) process.

PROJECT MANAGEMENT BODY OF KNOWLEDGE CORE CONCEPTS COVERED IN THIS CHAPTER

1. Plan Risk Management (PMBoK sec. 11.1)

2. Identify Risks (PMBoK sec. 11.2)

3. Perform Qualitative Risk Analysis (PMBoK sec. 11.3)

4. Perform Quantitative Risk Analysis (PMBoK sec. 11.4)

5. Plan Risk Responses (PMBoK sec. 11.5)

6. Control Risks (PMBoK sec. 11.6)

PROJECT PROFILE

Samsung’s Galaxy Note 7—Failure to Manage a New Product for Risk

Samsung, the South Korean industrial giant, is known for a wide ...