Read article: Assessing Risk and Planning Initiatives – Geary Sikich
Why This Matters: The terms risk, threat and vulnerability are sometimes confused and used interchangeably. In most cases, this is OK. Hopefully, the following makes sense. Risk is defined as the likelihood and consequence of an event (both positive and negative. Threat is the potential damage or harm that can result or come to an asset. And, vulnerability is the weakness by which harm can impact an asset or hinder achieving an objective.
In project risk management, PLAN is not a 4 letter word.Successful project risk management requires planning. The more complex the project, the higher potential of risk and the higher need for planning.
I’m been a lead where the ‘boss’ project manager focused on shoot from the hip project management. There was little planning just execution. Well execution is a risky word. Execution can mean success. Execution can also mean project loss. In our case, the project failed and the project manager was terminated for cause. In other words, he didn’t like planning and failed abysmally.
Project Question: What are your thoughts of this article?
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