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The Standard for Risk Management in Portfolios, Programs, and Projects - pdf for free
A risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more objectives. Positive risks are opportunities, while negative risks are threats.
The practice of risk management includes planning the approach, identifying and analyzing risks, response planning and implementation, and ongoing monitoring of risks. Risk management is an essential aspect of all organizational activities. This standard describes the application of risk management within an enterprise risk management (ERM) context that includes the portfolio, program, and project domains. Risk management shapes the decision-making processes across the organization and within each of the domains.
The degree to which risk management is pursued can be the difference between success and failure. PMI’s 2015 Pulse of the Profession® report found that for organizations that apply a formal risk management approach, 73% of projects meet their objectives, 61% finish on time, and 64% are completed within the approved budget [1].1
Risk management allows an organization to:
- Anticipate and manage change,
- Improve decision-making,
- Proactively implement typically lower-cost preventive actions instead of higher-cost reactions to issues,
- Increase the chances to realize opportunities for the benefit of the business,
- Generate broad awareness of uncertainty of outcomes,
- Act upon the transformations taking place in its business environment, and
- Support organizational agility and resilience.
Risk management also establishes iterative connections among portfolios, programs, and projects and links these connections with ERM and organizational strategy
The Standard for Risk Management in Portfolios, Programs, and Projects
This standard:
- Identifies the core principles of risk management
- Describes the fundamentals of risk management and the environment within which it is carried out
- Defines the risk management life cycle
- Applies risk management principles to the portfolio, program, and project domains within the context of an enterprise risk management approach
This is an update and expansion upon PMI's popular reference, The Practice Standard for Project Risk Management. Risk Management addresses the fact that certain events or conditions may occur with impacts on project, program, and portfolio objectives.
This standard will: Identify the core principles for risk management; describe the fundamentals of risk management and the environment within which it is carried out; define the risk management life cycle; and apply risk management principles to the portfolio, program, and project domains within the context of an enterprise risk management approach.
It is primarily written for portfolio, program, and project managers, but is a useful tool for leaders and business consumers of risk management, and other stakeholders.
Download the standard for risk management in portfolios, programs, and projects free pdf
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