The Practice Standard for Project Risk Management provides a benchmark for the project management profession that defines the aspects of Project Risk Management that are recognized as good practice on most projects most of the time.
The Practice Standard for Project Risk Management covers risk management as it is applied to single projects only. It does not cover risk in programs or portfolios. This practice standard is consistent with the PMBOK® Guide and is aligned with other PMI practice standards. Different projects, organizations and situations require a variety of approaches to risk management and there are several specific ways to conduct risk management that are in agreement with principles of Project Risk Management as presented in this practice standard.
Written for project managers, project team members, supervisors and stakeholders, the Practice Standard for Project Risk Management outlines the principles of effective risk management:
- Plan Risk Management
- Identify Risks
- Perform Qualitative Risk Analysis
- Perform Quantitative Risk Analysis
- Plan risk Responses
- Monitor and Control Risks
This practice standard can be used by project management practitioners to validate the risk management process being employed in a specific situation, project or organization.