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A Risk Boundary Problem

A Risk Boundary Problem

“If I concern my project with risk assessment, then my project targets such as Budget, Schedule, and quality become more reliable, but this will require me to define better project boundaries between strategy, program mandates, and project requirements.”

What is risk? The answer to this question depends on who answers it and the boundaries the individual establishes around themselves. If the answer comes from someone who is responsible for all processes within the Integrated PM system boundary, a clear answer can be expected.

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Can Risk be a Good Thing?

Can Risk be a Good Thing?

“If we implement a risk management program, then we might gain greater predictability, defensibility, and maintainability on our projects, but do we use the decision analysis definition of risk or the PMI’s?”

Concepts about risk and even the word risk are a source of considerable confusion even among those who specialize in the topic. There are a lot of well-entrenched and mutually exclusive ideas about risk and risk management and if we are going to make any progress in Integrated PM, we must work out these differences.

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Risk Management in Integrated PM

Risk Management in Integrated PM

"If we implement Integrated PM, then we can expect improved project performance, but we’ll need to address risk management."

Risk management is about making decisions that contribute to the achievement of an organization’s objectives by applying it at the individual activity level, within functional areas and across the organization. It should assist with everyday decision making. It should be a systematic approach to setting the best course of action under uncertainty by identifying, assessing, understanding, acting on and communicating risk issues.

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