PRINCE2® 2009 - Risk part 1
of the Cabinet Office under delegated authority from the Controller of HMSO.
Purpose
The purpose of the Risk theme is to identify, assess and control uncertainty and, as a result, improve the ability of the project to succeed.
Risk taking in projects is inevitable since projects are enablers of change and change introduces uncertainty, hence risk.
Management of risk should be systematic and not based on chance.
It is about the proactive identification, assessment and control of risks that might affect the delivery of the project’s objectives.
The project should establish and maintain a cost-effective risk management procedure.
The aim is to support better decision making through a good understanding of risks – their causes, likelihood, impact, timing, and the choice of responses to them.
Management of risk is a continual activity, performed throughout the life of the project.
Without an ongoing and effective risk management procedure it is not possible to give confidence that the project is able to meet its objectives and therefore whether it is worthwhile for it to continue.
Hence effective risk management is a prerequisite of the continued business justification principle.
Risk management is a large area and is covered in depth in ‘The Complete Risk Management package’.
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Managing Successful Projects with PRINCE2 - 2005 edition
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Directing Projects with PRINCE2.
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