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eRisks in eWorld - Intro part 2 E-mail
Risks appear in any social or economic activities. We can speak about different kind of risks : technical problems, unsuccessful market, failures in finishing on schedule, unpredictable events, inadequate know-how, failures in manufacturing, failures in designing, legal uncertainty.
These can be classified in operational risks, financial risk, strategic risks or hazard risks.
Risk is a probabilistic event – it is possible for it to appear, also possible for it not to appear. That is way there is this optimistically tendency to ignore a project’s risks or to consider that these risks will not appear. Such attitudes can lead to great problems in case the risks materialize. And when we deal with big projects, risks are inevitable. So we have to understand that in these cases a risk management policy and a risk manager are compulsive.

According to Software Engineering Institute (SEI) , risk management is a practice with processes, methods, and tools for managing risks in a project. It provides a disciplined environment for proactive decision making to: assess continuously what could go wrong (risks); determine which risks are important to deal with; implement strategies to deal with those risks.
Also, SEI defines seven principles which provide a framework for effective risk management: global perspective, forward-looking view, open communications, integrated management, continuous process, shared product vision, teamwork.


Project Management Institute (PMI) defines Project Risk Management as the process concerned with identifying, analyzing, and responding to project risk. It includes maximizing the results of positive events and minimizing the consequences of adverse events and has the following major processes:
- Risk Identification - determining which risks are likely to affect the project and documenting the characteristics of each;
- Risk Quantification - evaluating risks and risk interactions to assess the range of possible project outcomes;
- Risk Response Development - defining enhancement steps for opportunities and responses to threats;
- Risk Response Control - responding to changes in risk over the course of the project.




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