7.2 Risk management
Fig. 7.1 Risk management framework
The management of risks is similar to the management of any activity. There is a planning and control cycle similar to the one described in Chapter 3. Risk management is a continuous process throughout the life of the project. However, before managers form any plans, they need to identify the risks and make some decisions about them. A typical risk management framework is shown in Figure 7.1. Major risks have to be identified and then plans have to be made to deal with them. These plans could include activities that enable other activities to take place in the event of a risk turning into ...
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