In this lesson we discuss:
Most Project Managers don’t really get a chance to practice risk management. This is covered very well in all the Project Management methods, but it seems to get forgotten about as soon as the project starts up. Even if Project Managers spend an appropriate amount of time on risk management, they may stop once they realise that nobody is interested in the risk information, as there may be very little awareness of risk management in the organisation.
At the end of this lesson you will be expected to explain the purpose of the following:
- The risk theme, including the purpose of a risk budget
- Risk management approach, risk register
You should also be able to describe the following:
PRINCE2’s minimum requirements for applying the risk theme.
And define key concepts related to risk, and the differences between them:
- A risk: threat or opportunity
- Recommended risk response types
- Risk owner and risk actionee
- Cause, event and effect
- Risk probability, risk impact and risk proximity