Risk Management

When most people hear risk management, the first thing they think of is danger, perhaps hazard signs on a construction site or an image of a chaotic scene. These visuals convey anything but effective risk management. The word risk can create some level of fear or anxiety, as risk typically is unknown and uncertain. In the project world, we cannot simply assume that events won't occur. It has often been said that ''hope is not a contingency plan.'' As a result it is essential to manage risk appropriately. In a project life cycle, risk management should be started as early as possible. In reality, the perception about risk should be changed. Risk should be seen as the uncertainty associated with a set objective. Risk is part and parcel of any business and should not be feared but rather embraced, managed by using a measured and systematic approach to risk. Effective risk management builds confidence for all stakeholders involved. This book focuses on risk management for a project.