Practice Standard for Project Risk Management

Book Preface

Project Management Institute (PMI) practice standards are guides to the use of a tool, technique, or process identifi ed in A Guide to the Project Management Body of Knowledge ( PMBOK ® Guide – Fourth Edition) or other PMI standards. Practice standards are targeted at audiences who participate in the management of projects. This includes project managers, project personnel, contract personnel, supervisors, and other project stakeholders.

A PMI practice standard describes processes, activities, inputs, and outputs for specific Knowledge Area. It provides information on what the signifi cant process, tool, or technique is, what it does, why it is signifi cant, when it should be performed or executed, and, if necessary for further clarifi cation, who should perform the process. A practice standard does not prescribe how the process is to be implemented, leaving that subject for other forums such as handbooks, manuals, and courses.

This chapter includes the following sections:
1.1 Purpose of the Practice Standard for Project Risk Management
1.2 Project Risk Management Defi nition
1.3 Role of Project Risk Management in Project Management
1.4 Good Risk Management Practice
1.5 Critical Success Factors for Project Risk Management