May 28, 2013
From the Global Energy Institute
Project risk management is a continuous process of identifying, analyzing, prioritizing, and mitigating risks that threaten a capital project's likelihood of success in terms of cost, schedule, quality, safety and technical performance.
Organizations and owners often consider project risk management activities as "nice to have" on a project rather than as a core component of project controls. Additionally, there is some confusion between organizations and project teams as to what exactly constitutes risk management activities.
This paper outlines a standard framework for risk management and discusses implementation techniques for projects of all types and sizes.