Project Management for IT-Related Projects, 3rd Edition

7 RISK

LEARNING OUTCOMES

When you have completed this chapter you should be able to demonstrate an understanding of the following:

• identification and prioritisation of risks;

• assessment of the probability and impact of risks, that is risk exposure;

• risk reduction activities versus contingency actions;

• typical risks associated with information systems;

• assessment of the value of risk reduction activities;

• maintenance of risk registers.

7.1 INTRODUCTION

However carefully a project plan is assembled, it will be based on assumptions that could turn out to be wrong. There is always, to a greater or lesser extent, an element of risk, which has been defined in PRINCE2 as:

‘The chance of exposure to the adverse consequences of future events.’ ...