Risk

Key sections

AD 1

AD 2

AD 3

AD 4

AD 5

PRINCE2® 2009 - Risk part 2

© Crown copyright 2009 All rights reserved. Material is reproduced with the permission
of the Cabinet Office under delegated authority from the Controller of HMSO.

Risk defined

What is a risk?

A risk is an uncertain event or set of events that, should it occur, will have an effect on the achievement of objectives.
It consists of a combination of the probability of a perceived threat or opportunity occurring, and the magnitude of its impact on objectives, where:

Threat

Is used to describe an uncertain event that could have a negative impact on objectives.

Opportunity

Is used to describe an uncertain event that could have a favourable impact on objectives.

Risk management is a large area and is covered in depth in ‘The Complete Risk Management package’.

PRINCE2® is a Registered Trade Mark of the Office of Government Commerce in the United Kingdom and other countries.

Non - PRINCE2 information

Purchase the full productThis product contains EVERYTHING in the publications:

Managing Successful Projects with PRINCE2 - 2005 edition
Managing successful Projects with PRINCE2 – 2009 edition
Directing Projects with PRINCE2.

And much more besides - at a fraction of the cost.

NON - PRINCE2 project management

Introduction

What is a project? [see What is a project?]
What is project management? [see What is project management?]
Project management system [see What does a project management system consist of?]
Project visualisation [see Project visualisation]
Work breakdown [see Why breakdown a project?]
Concept [see Concept or idea]
Feasibility [see Feasibility study]
Initiation [see Initiation]
Specification [see Specification]
Project management design [see Design]
Project management build [see Build]
Project management implementation [see Implementation]
Project management operation and review [see Operation and review]
The Project Notebook [see The Project Notebook]

General

Objectives [see Objectives – part 1 - Reasons for setting]
Objectives [see Objectives – part 2 – Should be]

PRINCE2 2005

Introduction

Definition [see Introduction part 1]
Terminology [see Introduction part 2]
What is a project? Scope [see Introduction part 3]
The processes [see Introduction part 4]
Introduction to processes [see Introduction to processes]
59The components [see The components]

Analysing Risks [see Planning (PL) - part 7]
Risk [see Management of Risk - part 1]

PRINCE2 2009

Organization [see Organization – Purpose]

Change

Plans

Time management

Introduction

Resources [see Resources]
Workaholic [see Workaholic]
What is time management? [see What is time management? Problem Time solving]
What is time management? [see What is time management? General]

Key time destroyers

Key Time Destroyers [see Key Time Destroyers]
Action chasing [see Action chasing]
Being disorganised [see Being disorganised]
Cant say 'No' [see Cant say 'No']
Crisis management [see Crisis management]
Desktop management [see Desktop management]
Friends [see Friends]
Large reports [see Large reports]
Low energy levels [see Low energy levels]
Meetings 1 [see Meetings 1]
Meetings 2 [see Meetings 2]
Multiple tasks [see Multiple tasks]
Others errors [see Others errors]
Other's jobs [see Other's jobs]
Paperwork [see Paperwork]
Perfection [see Perfection]
Poor communication [see Poor communication]
Poor control and reporting [see Poor control and reporting]
Poor delegation [see Poor delegation]
Poor information [see Poor information]
Poor leadership [see Poor leadership]
Poor planning [see Poor planning]
Poor preparation [see Poor preparation]
Poor self discipline [see Poor self discipline]
Putting things off [see Putting things off]
Resource issues [see Resource issues]
Responsibility, accountability and authority [see Responsibility, accountability and authority]
Socialising [see Socialising]
Staff issues [see Staff issues]
The boss [see The boss]
The telephone 1 [see The telephone 1]
The telephone 2 [see The telephone 2]
Travel time [see Travel time]
Unfinished tasks [see Unfinished tasks]
Unwanted callers [see Unwanted callers]
Work overload [see Work overload]
Your own errors [see Your own errors]

Risk management

Introduction

What is risk? [see What is risk?]
6 questions to define the project [see 6 questions to define the project]
The key areas of concern [see The key areas of concern]
What should risk analysis provide? [see What should risk analysis provide?]
3 Ways to view risk management [see 3 Ways to view risk management]
General comments on risk assessment [see General comments on risk assessment]
Accountability [see Accountability]
General comments on planning [see General comments on planning]
What are the core process steps to assess a risk? [see What are the core process steps to assess a risk?]
Simple process outline [see Simple process outline]
What are the basic overall process steps? [see What are the basic overall process steps?]
Stakeholders [see Stakeholders]
Success measures [see Success measures]
Why carry out Risk Assessment? [see Why carry out Risk Assessment?]

Uncertain events

Uncertain events [see Uncertain events]
Uncertain events part 2 [see Uncertain events part 2]
Uncertain events part 3 [see Uncertain events part 3]
Uncertain events part 4 [see Uncertain events part 4]

Correlated events

Risk of exceeding the target cost [see Risk of exceeding the target cost]
Correlated events [see Correlated events]
Correlated events part 2 [see Correlated events part 2]
Correlated events part 3 [see Correlated events part 3]

Cost models

Simple cost model [see Simple cost model]
Cost model [see Cost model]
Cost model 2 [see Cost model 2]

Monte Carlo model

Monte Carlo simulation [see Monte Carlo simulation]
Monte Carlo simulation 2 [see Monte Carlo simulation 2]
Monte Carlo simulation - output [see Monte Carlo simulation - output]
Monte Carlo distribution [see Monte Carlo distribution]
Monte Carlo risk distribution [see Monte Carlo risk distribution]
How do we carry out the simulations? [see How do we carry out the simulations?]
Probability density function - PDF [see Probability density function - PDF]
Probability density function - Simplified version [see PDF - Simplified version]

3 point model

2 pathways [see 2 pathways]
Simple probability estimation [see Simple probability estimation]
Collecting task information [see Collecting task information]
Documentation [see Documentation]
Task probability [see Task probability]
Monte Carlo risk distribution [see Monte Carlo risk distribution]
Multiple variables [see Multiple variables]

Leadership

Introduction

Definition of leadership [see Definition of leadership]
Leadership and effectiveness [see Leadership and effectiveness]
Leadership qualities [see Leadership qualities]
Leadership functions [see Leadership functions]

other sites of interest in the series

this is not the official brand site for PRINCE2® — OGC official brand sites are

PRINCE2® is a registered trade mark of the Cabinet Office.

Material on this site covers the PRINCE2® process as referred to in the OGC publication:

‘Managing successful Projects with PRINCE2 – 2009 edition’ and ‘Directing Projects with PRINCE2’.

PRINCE2® 2009 - Risk part 2

Risk defined

What is a risk?

Threat

Opportunity

Non - PRINCE2 information

Purchase the full productThis product contains EVERYTHING in the publications: Managing Successful Projects with PRINCE2 - 2005 edition Managing successful Projects with PRINCE2 – 2009 edition Directing Projects with PRINCE2. And much more besides - at a fraction of the cost.

NON - PRINCE2 project management

PRINCE2 2005

PRINCE2 2009

Time management

Risk management

Leadership

Purchase the full productThis product contains EVERYTHING in the publications:

Managing Successful Projects with PRINCE2 - 2005 edition
Managing successful Projects with PRINCE2 – 2009 edition
Directing Projects with PRINCE2.

And much more besides - at a fraction of the cost.