Project Risk Management Guidelines: Managing Risk with ISO 31000 and IEC 62198

Risk runs through the fabric of any project.  It is so intimately bound up in forecasting and decision making that it cannot be isolated or handled separately from other project management activities.  Success can only be achieved if risk management is integrated closely with project management. Over the past decade, developments in risk management methods and standards have addressed the need to manage risk in a project in an integrated manner.  This is a more natural way of working than past practices have been.  It has beneficial effects on the practice of risk management and the way it is implemented in projects. This new edition of Project Risk Management Guidelines is fully updated to include the new international standards that embody this principle, ISO 31000 Risk management and IEC 62198 Managing risk in projects .  The book explains the standards and how they can be applied.  It provides a clear introduction to basic project risk management, introduces the reader to specialised areas of projects and procurement, and shows how quantitative risk analysis methods can be used in large projects. Chapter by chapter, the authors present simple, practical steps and illustrate them with examples drawn from their extensive experience around the world, in many different industry sectors and cultures and at all stages of projects from conception through development and into execution. Qualitative and quantitative approaches are covered. Traditional structures and processes are discussed as well as developments in the way projects are conducted, such as outsourcing arrangements and risk–sharing structures like public–private partnerships. Improved outcomes can be achieved when sound risk management is used to capture opportunities and reduce threats. Its unique focus and wealth of checklists, tables and other resources make this book an essential and enduring tool for anyone involved with project work.

About the Authors Foreword to the Second Edition Preface Acknowledgements Chapter 1Principles of effective project risk management Part 1 Project Risk Management: Principles and Framework Chapter 2 Project phases and approval decisions Chapter 3 Framework for managing risk in projects Part 2 The Project Risk Management Process Chapter 4 Risk management approach Chapter 5 Communication and consultation Chapter 6 Establishing the context Chapter 7 Risk identifications Chapter 8 Qualitative risk assessment Chapter 9 Semi–quantitative risk assessment Chapter 10 Risk treatment Chapter 11 Monitoring and review Chapter 12 Recording and reporting Chapter 13 Opportunities Chapter 14 Simplifying the process Part 3 Quantitative Risk Analysis for Projects Chapter 15 Introduction to quantification for project risks Chapter 16 Cost estimating cases Chapter 17 Schedule forecasting cases Chapter 18 Investment evaluation for large projects Chapter 19 Economic appraisal Chapter 20 Contracts and risk allocation Chapter 21 Tender evaluation Chapter 22 Outsourcing Chapter 23 Public–private partnerships Chapter 24 Technical tools Chapter 25 Environment related risks Chapter 26 Climate change Chapter 27 Other approaches Chapter 28 Process checklist Chapter 29 Worksheets Chapter 30 Specific risks Chapter 31 Glossary References Index