Risk Management Overview
Abstract
Projects are part of a dynamic and fast changeling world. Therefore there are a degree of uncertainty and unpredictability in projects. In-order to minimize uncertainties and unforeseeable events related to the project, risk are identified and managed throughout the project life cycle, Rumsfeld's Unknown-Knowns and Risk categorization (mitigate, control, monitor).
Risk management is impotent tool to use in project management, even-though the Risk management is only estimates of potential future situations. Risk identification help the manager get an overview of potential obstacles that can occur or prevent the team from achieving their goals. By identifying the risks, managers can map them and initiate appropriate measurements to counter them. Risk management is highly impotent discipline and is therefore present in most projects.
The Risk Management Process is devided in to seven steps [kilde XXX]
The risks are identified and managed by using quantitative \& qualitative tools. This Wiki-article will focus on Risk categorization, Risk Matrix, actions to take against identified risks and Rumsfeld's Unknown-Knowns. Furthermore describing inherent and residual risks, and parameters which a company can use to measure impact. At last limitations and advantages of Risk Management will be discussed
Please note that this article only covers the risk (threat) management of a project and does not look in to opportunities management (risks with positive effect). Furthermore this article will give a brief overview of other relevant reading material.
Further Reading Material
Risk Management in Renewable Energy Projects
Risk and Opportunities Management
References
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