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Project Management for Engineering Design by Charles Lessard

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CHAPTER 12

Project Risk Management

Risk is defined in the dictionary [1] as, “The possibility of loss or injury” and often expressed in terms of severity and probability. However, Project Risk Management is defined as the art and science of identifying, assigning, and responding to risk throughout the life of a project and in the best interests of meeting project objectives. Project risk involves understanding potential problems that might occur on the project and how those problems could impede project success. Risk management is often overlooked on projects by executive managers, but it can help project managers improve project success by helping select good projects, determining project scope, and developing realistic estimates. Thus, risk ...

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