Project and Program Risk Management: A Guide to Managing Project Risks and Opportunities (PMBOK Handbooks) Review

Average Reviews:

(More customer reviews)My mentor and colleague is fond of chiding me to "roll the dice".However, he is well versed in probability and risk management, so what he is really attempting to get me to do is to take *calculated* risks. I hate math, but knew that I had to overcome that if I wanted to take the next step in my ongoing professional development.I selected this book because it was short, and well written and illustrated.
This book is a bit light for experienced project managers who are well-versed in risk management, but I found it to be a perfect introduction to probability and risk management. It's structured in a logical order, with each chapter building on the other.It starts out with a general approach and definitions associated with risk management.It then covers how to identify risks, assess them using quantitative methods (no blindly rolling the dice here).Assessment is important.Risks are a part of our everyday life, and this part of the book shows you how to prioritize risks based on not only the impact, but the probability.Impact x probability is the basis for indexing and prioritizing risks.You are also shown how to either eliminate, mitigate or transfer the risk that you identify and assess.
Because I am a consultant and live in the world of statements of work and contracts I thought the brief section on dealing with risks in contracts was a highlight.I also liked the chapter on managing contingency allowances.
This is a valuable book for new project managers who need to get quickly acquainted with risk management, and for anyone who wants to learn the fundamentals of probability and how to calculate and control risks.It is straightforward and gives you an awareness of what risks are and how to effectively manage them.My mentor would say, "a risk is an opportunity in disguise." I never appreciated or fully understood that until I read this book.

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Product Description:
Brevity and ease of reference make this handbook a usefulintroduction to risk in the project or program environment. The bookprovides a simplified understanding of the nature of project risk andopportunity, and a systematic approach to risk reduction. You'll getuseful insights into the process of project risk management whetheryou're working on a small administrative project, a large capitalworks project, or anything in between. Concepts, tools, and techniquescovered include: risk identification, risk assessment goals andmethodology, computer applications, risk response and documentation,management of contingency allowances, managing risks of the project'senvironment, and dealing with risks in contracts.
This book is essential reading to learn more about the Project Management Body of Knowledge (PMBOK®).

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