The New RISK Standards for 21st Century Project Risk Practitioners

New Risk Standards for Project Risk Practitioners
Moving project risk standards, definitions, and concepts into the 21st Century


Project risk management has matured to a point where project risk standards and definitions need to be standardized so that project risk professionals can finally have a common platform about which to discuss and implement project risk concepts. As risk practitioners, the authors have found a myriad of differing risk definitions, and concepts of risk/issues. As project risk practitioners the authors have had to spend significant amounts of time in remediation of this quagmire of outdated beliefs. This eBook is the culmination of their efforts to finally give project risk environments the fundamentals from which discussions and research can take place without having to deal with different terminologies and varying project risk fundamentals.

This extensive eBOOK is offered to the project risk management arena as the beginning of a new era in the discussion and understanding of how project risks and issues are identified, assessed, and managed for the main purpose of improving the overall project success rate that should have accompanied the 10 fold increase in certified project management professionals over the past decade. Sadly, this increase has not been forthcoming, and the authors believe that one of the contributing factors is the continued infancy of project risk management standards.

This paper will offer three major updates and solidification to the current project risk management environment:

  1. Standard project risk terminology and definitions
  2. Logical and axiomatic definitions of project risk concepts
  3. Definitions of project risk goals and objectives

The eBOOK seeks to finally assist with the standardization of project risk terms and concepts so that when project risk methodologies are discussed and implemented, project risk professional will at have a bedrock of common terms and concepts from which to advance the burgeoning discipline of project risk management. An example of these common terms is the fact that many knowledgeable project risk practitioners continue to discuss and plan “risk response plans” when logically one cannot respond to a future event — which every risk potential is.

Another project risk management concept which continues to be based on outdated risk management practices is the concept that risks and issues are managed in the same environment using the same tools and techniques. This eBOOK shows how this concept alone is quite dangerous to improving project success ratios at most organizations.

The authors invite you read this eBOOK and think about the ideas and concepts presented, and as always, the authors welcome your comments and remarks about this very important advance in the standardization of project risk practices.


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