Risk Management in Practice
Each of these factors introduces significant risk into every project, requiring a structured and proactive approach to the management of risk if the project is to succeed.
Many see risk management as a key contributor to the success of both projects and businesses. This arises from the clear link between risk and objectives, embodied in the definition of the word. For example, the PMBOK® Guide states: “Risk is an uncertain event or condition that, if it occurs, has an effect on at least one project objective.”1 Other international standards and guidelines use similar definitions, always linking risk with objectives.