Managing Risk in Projects

by David Hillson

Overview

Projects are risky undertakings, and risk management is recognised as an integral part of managing the project. Managing Risk in Projects places risk management in its proper context in the world of project management and beyond, emphasising the central concepts essential to understanding why and how risk management matters, and presenting proven practical approaches to addressing risk in any project.

The risk management world has changed significantly since the first edition, with advances in risk management practice reflected by changes in international standards and guidelines, as well as significant developments in their implementation. This second edition reflects these changes, and has been completely updated to address progress in the practical application of risk management to projects. Two new chapters have been added, the first discussing how to manage risk in complex projects, and the second considering the role and influence of risk leaders outside the project arena in setting the context and environment for successful risk management. New material also addresses enterprise risk management and risky decision-making.

Throughout, the book offers a concise description of current best practice in project risk management whilst introducing the latest developments, to enable project managers, project sponsors and others responsible for managing risk on projects to do just that - effectively.

Product Details

ISBN-13:	9781032557298
Publisher:	Taylor & Francis
Publication date:	07/09/2024
Edition description:	2nd ed.
Pages:	170
Product dimensions:	6.12(w) x 9.19(h) x (d)

About the Author

David Hillson, known globally as 'The Risk Doctor', is a recognised thought leader in risk management. Dr Hillson has received multiple awards and many of his innovations are now standard practice.

Table of Contents

Contents: Uncertainty and Risk: Current sources of uncertainty; Responding to uncertainty; Distinguishing between uncertainty and risk; A pragmatic distinction; Three refinements; Not all uncertainty is risk, all risks are uncertain. Risk and Projects: What's wrong with projects?; Why are projects risky?; Why manage risk in projects?; 'Risks' or risk'?; Why is risk management important to projects? Managing Risk in Practice: Towards a risk management process; From narrative to reality; Describing the risk process; Not 'one-size-fits-all'; More than a process. Risk and People: Understanding risk attitude; Influences on the risk attitude spectrum; Risk attitudes and decision-making; Risk attitudes and the risk process; Managing risk attitudes; People plus process. Integrating Risk Management with Wider Project Management: Managing risk throughout the project lifecycle; Contribution of risk management to other project management disciplines; 'Built-in not bolt-on'. The Bigger Picture: Strategy, tactics and projects; Hierarchy of objectives, hierarchy of risk; Project risk management in the programme context; Enterprise risk management as an integrative framework. Making Risk Management Work: Risk energetics; Internal factors; External factors; Risk energetics across the project lifecycle and beyond; Proving it works; Why bother?; And finally... References and further reading; Index.

Editorial Reviews

Once again David has clearly highlighted the importance of Project Risk Management in creating value for an enterprise’s stakeholders. This edition’s introduction of risk management in complex projects, and the importance of risk leadership, maintains this book’s place as the cornerstone of any project risk management professional’s resource library.”

Wes Cadby, CFIRM, Head of Risk Management, Sellafield Limited, UK

“David Hillson’s classic 2009 book Managing Risk in Projects accelerated the shift of risk to centre stage in the project management field. This new update does it again, with the additional attention on complexity in projects, governance and strategic relevance. With rapidly increasing volatility and uncertainty in the world, including the growth in AI and machine learning, threats and opportunities are everywhere. If you don’t want your critical projects to go up in flames, read this new book. Ignore it at your own risk!”

David L. Pells, PMI Fellow, HonFAPM, Managing Editor, PM World Journal, USA

“This book introduces fresh and innovative ideas for effectively managing risk in projects, programmes, and portfolios. This latest edition provides valuable insights that are directly applicable to risk management in lean and agile environments. Dr Hillson continues his tradition of delivering accessible content that emphasises not only the practical application of risk management tools but also a deep understanding of the concept of risk in various organisational activities.”

Dr Bruno Rafael D. de Lucena, Professor, Masters in Administration, Federal University of Pará, Brazil

“This second edition of David’s book includes useful new material that addresses a wide range of recent changes in the evolving landscape of risk and projects. It is a succinct book that belies the breadth of topics it covers. While the focus is generally high-level, it contains a wealth of detail that will allow executives and project managers to tailor their risk management activities to the particular circumstances of their projects and the kinds of uncertainties they face. This book is written in David’s typically clear language that is easy to read and understand. I strongly recommend it.”

Dr Dale Cooper, CEO, Broadleaf Capital International, Australia

“Managing Risk in Projects has been an excellent source of practical information on project risk management for the past 15 years. This second edition builds on that with expanded coverage of Enterprise Risk Management (ERM). Widening the description of project risk management to include programmes, portfolios, and the enterprise provides a much-needed strategic view of managing risk. David also provides insight and practical advice on addressing risk in complex projects, broadening our thinking on risk management and providing new contextual depth to the topic.”

Cyndi Snyder Dionisio, MBA, PMI-RMP, Practice Director, IIL Inc., New York, USA

From the Publisher