Abstract
Risk management standards for project management
Highlights
Risk management is defined as coordinated activities to direct and control an organization with regard to risk (ISO, 2009)
Project risk management can be derivatively defined as coordinate activities to direct and control a project with regard to risk
Project risk management is not an optional activity: it is essential to successful project management
Summary
Risk management is defined as coordinated activities to direct and control an organization with regard to risk (ISO, 2009). It should be applied to all projects and be included in project plans and operational documents In this way, it becomes an integral part of every aspect of managing the project. Project Risk Management addresses the uncertainty in project estimates and assumptions. In the early stages of a project, the level of risk exposure is at its maximum but information on the project risks is at a minimum This situation does not mean that a project should not go forward because little is known at that time. There may be different ways of approaching the project that have different risk implications The more this situation is recognized, the more realistic the project plans and expectations of results will be. Wording of definition of the term risk varies (Table 1), it always contains uncertainty and effect on objectives
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