Risk Management: Concepts and Guidance 4th edition Review

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(More customer reviews)When I began my Project Management Professional certification throughGeorge Washington University and Motorola several years ago, one of thefirst courses I took was one dealing with project risk analysis andresponse. The text for the class was Risk Management: Concepts andGuidance, by Carl Pritchard, and has served as a blueprint for assessingand mitigating risk in many projects for which I wasresponsible.
Pritchard's emphasis is not on designing assessments andmitigation strategies for all circumstances, but on building usefulinformation that can be applied toward a particular project situation. This book has a natural alignment with the principles and concepts of<>, produced by the Project Management Institute's (PMI)Standards Committee. While the PMI identifies four phases of riskmanagement, Pritchard adds a fifth phase upfront, called risk planning.
The book is divided into two major sections: Section 1 addresses riskprocesses and practices; Section 2 is concerned with specific riskmanagement techniques. The four appendixes contain information oncontractor risk management, list of risk sources, basic probabilityconcepts, quantifying expert judgment, and special notes on software risk.The book concludes with a glossary of terms, bibliography, and index.
Ofparticular value in the book are the 50+ figures and tables that illustratesome of the more complex statistical/probability models used in riskassessment and mitigation.Each chapter follows a template that structuresthe same type of information. For example, each chapter in Section 2contains the following subheadings:Technique Description; When Applicable;Input and Output; Major Steps in Applying the Technique; Use of Results;Resource Requirements; Reliability; Selection Criteria; Output;Summary
The 218-page book (softcover)is an easy read and a highly usefuldesk reference for any project manager concerned about planning for andmitigating risk to projects. My dog-eared, heavily highlighted copy hasserved me well over the past 3 years.

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Product Description:
Risk is a future phenomenon. As part of our eternal quest to control some small component of our future, it is the focus of many business discussions, thus making it an essential part of our decision making. The challenge comes in creating a degree of consistency in managing risk and the risk process. Risk Management uses a holistic approach, examining risk as a blend of environmental, programmatic, and situational concerns. As a reference volume, it is an encyclopedia of risk management tools, practices and protocols. Its 35 tool-packed chapters cover the latest perspectives, focusing on a systematic approach to risk management. It highlights specific techniques to enhance organizational risk identification, assessment and management, all within the project and program environments. This book is a must-have project management tool for gaining a higher-level perspective on risk management and enhancing organizational risk identification, assessment, and management!

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