3
The Risk Management Structure
This chapter focuses on defining and explaining the elements of risk management and presents the recommended overall structure for implementing risk management. In the past, several different structures and definitions have been used for basically the same concept, which has been a source of continuing confusion. Figure 3.1 reflects a structure that mirrors the perspective of the Project Management Institute’s PMBOK® Guide (2013) within the organizational environmental context.
Risk Management Planning
Risk—present in some form and to some degree in most human activity—is characterized by the following principles:
Risk is usually (at least) partially unknown.
Risk changes with time.
Risk is manageable in the ...
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