Recently I have a discussion with Glen B. Alleman about the risk assessment approach described in the PMBOK Guide. Here is an article on how he thinks the PMBOK Guide has failed to assess risks properly, and how the DoD’s approach overcomes these issues. However, I do not think it is where the PMBOK Guide is flawed. In this article, I will revise how to rank and prioritize risks according to the PMBOK Guide.
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Risk management is such critical in project management that there is a comprehensive section in the PMBOK Guide dedicated to it. However, this approach may lead to a dangerous perception that risk management should be performed separately from other processes. In fact, risks can occur in various areas within your project and you should begin looking for them from the very beginning through the end of your project. I have recently read an article here on how to distinguish project managers from entrepreneurs. Simon Cleveland, the author, proposed risk attitude as a main distinction between them. While entrepreneurs, by definition, always assume risks, project managers are risk averse, planning, identifying, analyzing, responding to them and controlling them thoroughly during projects. This is, for me, a debatable statement. In this article, I will claim that risk aversion is not a common characteristics of project managers, and what distinguishes project managers from entrepreneurs is the way and the environment in which they perform risk management. Business authors keep writing about looking into the future for opportunities and risks. It makes sense. You cannot ride a car without caring about things ahead. However, giving no attention to what behind is also not a good idea. While it is less evident, not many people write about it. In fact, the main point is what, not where, you should give attention to, and there are many important things behind you. |
  
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