Risk Management in Portfolios, Programs, and Projects: A Practice Guide

Risk Management in Portfolios, Programs, and Projects: A Practice Guide presents updated and expanded strategies for the management of risks in portfolio, program, and project planning. This new practice guide introduces practical knowledge, examples, and a working case study to serve as an example of how risk management can be addressed, given the fact that certain events or conditions— whether expected or unforeseen during the planning process— may occur, with potential impacts on portfolio, program, and project objectives. Risk impacts can be positive or negative, and may cause deviation from the intended objectives. Risk management processes allow for proactive planning to help maximize positive impacts and minimize negative impacts for organizations. This practice guide: • Identifies and elaborates upon the core principles of risk management; • Describes the fundamentals of risk management within portfolio, program, and project environments, respectively; • Defines the risk management life cycle; • Applies risk management principles to the respective portfolio, program, and project management performance domains within the context of an enterprise risk management (ERM) approach, using working examples and a full case study to help make connections; and • Contains information for practitioners applying risk management techniques, tools, processes, and good practices while executing a portfolio, program, or project management plan. Risk Management in Portfolios, Programs, and Projects: A Practice Guide is aligned as a supplemental resource to the latest PMI American National Standards Institute (ANSI)-approved standards and A Guide to the Project Management Body of Knowledge (PMBOK® Guide)— Seventh Edition. The content in this practice guide reflects a consistent approach across the PMI Risk Management Professional (PMI-RMP)® certification and other PMI learning products.