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Project Risk Management (PRM)
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Project Risk Management is a powerful management tool: a rigorous project management discipline; a more organised
way of tackling the potential problems that could affect your projects' success. PRM boosts the effectiveness of
conventional project management by improving your ability to anticipate, understand and avert/prepare for problems
that may otherwise cause your projects to fail to achieve their objectives.
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PRM is wholly and essentially an aspect of the broader project
management discipline, and should be practised as an integral
part of it. As such, it is not something that can be farmed out in
its entirety to consultants. But there are key aspects of it that
can benefit considerably from an independent, expert approach.
This is where MMA adds value to our Client's processes.
MMA believes that, while procedures and tools are essential,
they cannot replace the essence of successful PRM: true insight
into the project's drivers and dynamics. Human judgement is as
key to PRM as it is to other elements of the project management
skillset; there are great dangers in seeking to reduce it to
mechanistic process.
MMA will help you work to the standards of good practice set
out in BS6079 and the APM Risk Guide.
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Copyright MM Associates Ltd 2003
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PRM provides systematic means of:
• identifying, characterising and assessing the risks to
your projects' objectives (and the opportunities);
• prioritising them for the attention of your scarce time;
• planning and tasking an appropriate form of treatment
of each risk thus highlighted;
• adapting the project plan to embody implementation
of the action emerging;
• monitoring the effectiveness of this approach, evolving
it through an ongoing iterative process.
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Project management
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Risk management
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... on time
... to budget
... to specification
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Two key PRM roles:
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