Project Risk Management Guidelines
Managing Risk in Large Projects and Complex Procurements
Chapter One
The Project Risk
Management Approach
Chapter overview
Purpose
The purpose of project risk management is to obtain better project outcomes,
in terms of schedule, cost and operations performance.
Rationale
The project risk management process is needed to ensure that:
All significant risks to the success of the project are identified;
Identified risks are understood, with both the range of potential consequences
they represent and the likelihood of values in that range being
determined as far as is necessary for decision-making;
Assessment is undertaken of individual risks relative to the other risks
to support priority setting and resource allocation;
Strategies for treating the risks take account of opportunities to address
more than one risk;
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