Mountaintop Consulting
Successful Project
Management
Project Management Methodology
Project Risk Management
Definition of Risk
To conduct Project Risk Management in an consitent way, Standards and standardised risk definitions are a good way to start.
AS 4360:2004 risk definition is as follows:
— The chance of something happening that will have an impact
on an objective —
An engineering risk definition can be a formula like the one below:
A statisctical Risk definition can be expressed as per
below:
What does this mean in the context of a
Project?
The aim is to evaluate the potential exposure to events and assess the expected damage or harm to the successful project delivery .
We use our standardised process Project Risks definition andidentification.
How to Capture and Document
Risk?
A Risk Management Plan (RMP) establishes the project-wide risk management approach tailored to individual project circumstances and customer values.
Mountaintop Consulting has a Risk Management Plan Template which will provide an consistent approach to Project Risk Management.
The RMP typically does NOT include the list of risks and mitigation plans