The Handbook of Project Management, 6th Edition

Chapter 16 Managing project risk

David Hillson

DOI: 10.4324/9781003274179-18

Introduction

Of all the different elements required for the successful management of projects, risk management is arguably the most important. This rather bold assertion is based on the following factors:

• We plan our projects in order to achieve all objectives in full.
• During the execution of the project, things happened that were not in the plan.
• Many of these unexpected situations, circumstances, and events lead to deviations from the plan that affects our ability to achieve our objectives. These things are called “risks.”
• If we had foreseen these risks in advance, we might have been able to prepare for them proactively, thus minimising potential deviations from ...