Project Risk Assessment Overview

However, despite the long history of risk management in broader business areas, the practice of risk management in business and IT projects has a less than remarkable[2] history. It is still too common for our group to find multimillion-dollar projects with no systematic and formal risk assessment and management process. As we outlined in the Project Pathology paper (see our Web site,, one of the most interesting aspects of the major project failures we have reviewed is that most team members understood the risks of these projects before they started but the organization either had no mechanism or—worse—no willingness to address the risks. We come back to this issue later in this chapter. ...

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