Project Risk Management: A Practical Implementation Approach

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2

Risk Management—Integral to Project Management

Once a project is initiated, the first order of business is usually to establish a core team consisting of a project manager and one or more designated team leads. The team's first task is typically the development of a sound (i.e., executable) project plan. After the project is kicked off, whether or not the plan is indeed executable, adjustments are likely to be required over time—a more frequent occurrence in complex, inherently risky projects. In response, project managers must effectively deal with issues that arise by exploring and implementing remedial action (i.e., changes to the plan). These issues usually originate from a priori risks—thus, the need to proactively manage ...