CHAPTER 15

Project Risk Management in Practice

DAVID HILLSON, PHD, PMP, PMI FELLOW, HONFAPM, FIRM, FRSA, RISK DOCTOR & PARTNERS

The word risk is a widely used part of our daily vocabulary, relating to personal circumstances (such as health, pensions, insurance, and investments), society (such as terrorism, economic performance, and food safety), and business (such as corporate governance, strategy, and business continuity). One area where risk management has found particular prominence is in the management of projects, perhaps because of the risky nature of projects themselves.1 All projects, in varying degrees, are characterized by the following:

• Uniqueness

• Complexity

• Change

• Assumptions

• Constraints

• Dependencies

• . . . and People ...

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