Project Risk Management: Processes, Techniques and Insights Review

Project Risk Management: Processes, Techniques and Insights
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This is the most comprehensive treatment of project risk management processes I have read.The focus is on the process itself, using techniques to illustrate the advice and insights that are heavily interspersed throughout.Because techniques are used to reinforce the information on process and insights this book is better suited for readers who have a good understanding of risk management techniques.
Another feature is the risk management processes provided can be used for either project or product management because of the fine granularity of the project life cycle used - instead of the typical 6-stage Requirements, Design, Build, Test, Implement and Operate stages the authors use an 8-stage project life cycle that begins with conception and includes post-planning allocation and post-delivery review milestones.Moreover, the typical risk management cycle of Identify, Analyze and Quantify, Prioritize and Manage is expanded into a much more detailed cycle that includes focusing, clarifying ownership issues, and scenario analysis.In particular, the scenario analysis sub process is an excellent approach and allows you to go well beyond the typical expected monetary value and probability x impact types of analyses.
The authors assume that you have a good grounding in both probability and fundamental quantitative analysis techniques, and while both probability and a variety of techniques are used as examples they are only superficially explained.The best part of the book, though, is the large number of insights imparted through cases and real-life situations.These are thought-provoking, but require careful reading (especially for American readers who may not be used to the norms of the British vernacular).
If you are interested in a mature project or product risk management process and have some background in risk management this is a five-star book that absolutely should be in your library.

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"When first published in 1997, Chris Chapman and Stephen Ward's Project Risk Management instantly became a classic in the field, bringing risk management in a systematic manner into the mainstream for the management of projects. Their second edition of this seminal work is a tour de force - a comprehensive, lucid, and highly readable guide to one of the thorniest aspects of managing projects. Their book is a combination of leading edge scholarship coupled with strong, practical advice for project managers. I found useful insights on nearly every page."
-Jeffrey K. Pinto, Ph.D. Breene Professor of Management, Penn State University
"Chris Chapman and Stephen Ward are our two leading scholars in project based uncertainty management. This second edition confirms their importance to the field."
-Peter W G Morris, Professor of Project Management, University College London; Executive Director, INDECO

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