How Risky is your Project and what are you doing about it?
Thursday, 15 September 2022 | 07:00 A.M. BST
How risky is your project? And what are you doing about it? The answers to these two vital questions will not be found in your project Risk Register or risk reports. The overall riskiness of your project is more than the sum of a list of individual threats and opportunities.
Leading risk management standards include a definition of something called overall project risk which is different from individual risks. But what does it mean and how do we manage it?
The concept of overall project risk is overlooked in the project risk management approach adopted by most organizations. This means that our risk processes focus exclusively on individual risks and we fail to identify or proactively manage the overall risk exposure associated with our projects.
This presentation clarifies the concept of overall project risk, explains its importance, and outlines how it can be identified, assessed, and managed. Only by broadening our risk approach to include this aspect can we know how risky our project is, and decide what to do about it.