Risk Management- Concepts and Guidance

Author: Carl L. Pritchard

The author gives a collection of facts in this book, roughly divided into two parts. In a first part of three chapters he gives general explanation about risk management. Afterwards in a second part of more than thirty chapters he explains (management) techniques that can be used in projects.

The added value of the book for the project manager is multiple:

–    You will receive an explanation about the technique and its use
You will be explained the advantages and disadvantages of the technique
You can combine techniques according to whether they complement each other, such as combining brainstorming techniques with SWOT, a risk register and a risk matrix, supplemented with an urgency analysis and a sensitivity analysis.

The second advantage of the book is that in my opinion it should not only be used in projects, but can also be used in business as usual (processes), or in the drafting of a multi-year plan for a larger organization.

There are also some minor disadvantages to the book in my opinion:

The fact that the eyes must remain open to recognize, report and asses risks through the course of the project as a whole is only emphasized in one of the last chapters. Also in the 2015 edition of this fifth edition in one of the chapters is still spoken of ISO 17799 where this has already been replaced by ISO 2700x.

But for a project manager despite these two flaws the book remains invaluable, in addition to ISO 31010 because the explanation for each technique is much more complete and clear. It is a better start in my opinion to explore the assessment techniques needed to bring projects to a better end.

Manu Steens

Manu works at the Flemish Government in risk management and Business Continuity Management. On this website, he shares his own opinions regarding these and related fields. Since 2012, he has been working at the Crisis Centre of the Flemish Government (CCVO), where he has progressed in BCM, risk management, and crisis management. Since August 2021, he has been a knowledge worker for the CCVO. As of January 2024, he works at the Department of Chancellery and Foreign Affairs of the Flemish Government. Here, he combines BCM, risk management, and crisis management to create a tailored form of resilience management to meet the needs of the Flemish Government.

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