Product Description

Brevity and ease of reference make this handbook a useful introduction to risk in the project or program environment. The book provides a simplified understanding of the nature of project risk and opportunity, and a systematic approach to risk reduction. You’ll get useful insights into the process of project risk management whether you’re working on a small administrative project, a large capital works project, or anything in between. Concepts, tools, and techniques covered include: risk identification, risk assessment goals and methodology, computer applications, risk response and documentation, management of contingency allowances, managing risks of the project’s environment, and dealing with risks in contracts.

This book is essential reading to learn more about the Project Management Body of Knowledge (PMBOK®).

Product Details

• Amazon Sales Rank: #148868 in Books
• Published on: 1992-05-01
• Original language: English
• Number of items: 1
• Binding: Paperback
• 120 pages

Features

• ISBN13: 9781880410066
• Condition: NEW
• Notes: Brand New from Publisher. No Remainder Mark.
• Click here to view our Condition Guide and Shipping Prices

About the Author
R. Max Wideman is principal of AEW Services and a Fellow of the Project Management Institute.

Customer Reviews

Well written introduction to probability and risk management
My mentor and colleague is fond of chiding me to "roll the dice". However, he is well versed in probability and risk management, so what he is really attempting to get me to do is to take *calculated* risks. I hate math, but knew that I had to overcome that if I wanted to take the next step in my ongoing professional development. I selected this book because it was short, and well written and illustrated.

This book is a bit light for experienced project managers who are well-versed in risk management, but I found it to be a perfect introduction to probability and risk management. It's structured in a logical order, with each chapter building on the other. It starts out with a general approach and definitions associated with risk management. It then covers how to identify risks, assess them using quantitative methods (no blindly rolling the dice here). Assessment is important. Risks are a part of our everyday life, and this part of the book shows you how to prioritize risks based on not only the impact, but the probability. Impact x probability is the basis for indexing and prioritizing risks. You are also shown how to either eliminate, mitigate or transfer the risk that you identify and assess.

Because I am a consultant and live in the world of statements of work and contracts I thought the brief section on dealing with risks in contracts was a highlight. I also liked the chapter on managing contingency allowances.

This is a valuable book for new project managers who need to get quickly acquainted with risk management, and for anyone who wants to learn the fundamentals of probability and how to calculate and control risks. It is straightforward and gives you an awareness of what risks are and how to effectively manage them. My mentor would say, "a risk is an opportunity in disguise." I never appreciated or fully understood that until I read this book.

Good overview, but more recent publications available
The book provides a good, high level general overview. For more and better detail, I like Carl Pritchard's Risk Management Concepts and Guidance. Wideman's book is good, but it is from 1992 . . . Pritchard had the benefit of 9 more years of development of the topic.

Functional and simplistic...
If you are new to the topic of Risk Analysis - this is an excellent beginners book. It covers the topic from several different angles, and especially for a Project Manager - it is a wonderful guide.

Personally, I found the book somewhat lacking in depth - overall. Where it tried to go deeper - the explanations were rather brief and not easy to follow.

There are several topics related to risk that could have been included or discussed in depth - such as what constitutes Failure, Accident, and why events get classified the way they do.

Lastly - in the foreword the book is referred to as a hand book. That is a stretch for sure. I would still recommend it for those engaged in managing Projects.