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Managing risk in projects

Material on project risk and governance, and the related international standard IEC 62198, 'Managing risk in projects – Application guidelines', and how to implement effective risk management in your projects

  • Quantifying the risk to software project costs

    In principle, software project cost risk has the same characteristics as the cost risk in other types of projects. However, there are good reasons why software projects have a reputation for being prone to over running budgets and schedules. This note outlines some of the factors involved and how they can be used to make realistic assessments of cost risk, achievable targets and contingency requirements.

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  • Headline risks – seeing the big picture

    Risk assessments are often undertaken in great detail, or several assessments are conducted on different parts of an organisation, project or program. The detail may be appropriate for tactical decisions and specific risk treatment planning, but there is often too much detail for high-level decisions and important insights about the whole organisation might pass unnoticed. Headline risks provide a high-level summary of what might happen and what the consequences might be. This resource note describes how headline risks can be developed and used, with examples from recent case studies.

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  • The real risk to your project budget

    This paper examines the structure of cost uncertainty in an estimate and demonstrates how it can be addressed by separating expert judgements from numerical calculations and linking the two together using risk factors that represent uncertainty in major cost drivers. It sets out some principles for deciding what to address by means of expert judgement and what to implement as numerical calculations.

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  • Complexity and project risk

    We assume that large and complex projects will be risky. Complexity, scale and risk are bound together in the way we think, feeding off one another. It may be, though, that complex projects are risky not just because of complexity but also because of the way we choose to approach them. The interaction between complexity and project management raises many interesting issues. This is just one of them that has wide ranging implications.

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  • What does risk look like in a complex project?

    Risk management has an interesting relationship with complexity. Established approaches to project risk management are based on a classical linear project execution model. The rise in truly complex projects represents both an opportunity and a need for fresh thinking.

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  • Project risk modelling

    Videos describing quantitative project risk modelling are available here. These resources are under development and will grow to include informative presentations and tutorial material.

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  • Risk management for projects (notes on prompt questions)

    The prompt associated with these notes is intended to stimulate discussion about key aspects of risk management in your projects. This guide sets out key points of good practice and common pitfalls in each topic in the prompt. Please contact us if you would like a deeper evaluation of your project risk management framework and processes.

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  • Project Risk Management Guidelines

    The new edition of ‘Project Risk Management Guidelines: Managing Risk with ISO 31000 and IEC 62198’ includes the new international standards ISO 31000 ‘Risk management’ and IEC 62198 ‘Managing risk in projects’. 

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  • Investment opportunity management and governance

    All organisations must invest effort and capital to grow, but sustained growth does not happen by accident. Organisations need prudent processes to assemble, progress and manage a portfolio of investment opportunities.

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