Abstract
Risk management is a dynamically developing type of management. Risk management refers to processes associated with identification, risk analysis and decision-making, which include maximizing the positive and minimizing the negative consequences of risk events. Risk elimination is necessary to complete the project on time. Managing risks for a project manager can be easier with using several approaches described in this article. The article presents comparison of widespread approach to managing risks in projects with the set of instruments derived from systems engineering. These approaches are SEBoK (System Engineering Body of Knowledge) PM BoK and OMG Essence. Author tries to integrate sets of instruments present in various project management and systems engineering bodies of knowledge and show how ones derive from the others.
 Keywords: project, project management, risks of the project, risk management, systems engineering, stakeholders, project requirements, SEBoK
Highlights
Facing the problem of managing risks project manager firstly have to identify risks [1] and the way he does that may determine the further project realization
There are some difficulties to be concerned about: 1. How to define the term ‘risk’ itself the way to be identically understood by all project team members and to let them efficiently participate in risk management
Even if the project manager and project team members all have the same understanding of what risk is, there is still a task to find out all risks present in the exact project
Summary
Facing the problem of managing risks project manager firstly have to identify risks [1] and the way he does that may determine the further project realization. That problem was raised by one of the PM BOK contributors David Hillson while trying to answer the question ‘How to manage the risks you didn’t know you were taking?’ [2] The thing is that definitions proposed by various standarts still require project manager to apply them to the specific context of the project, organization and stakeholders. 1), in practice defining risks always looks like a group of experts trying to remember all the troubles they’ve faced in their problems (which is not bad if project manager has really experienced team at hand).
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