Risk management is essential in any project, big or small. And Sorin Dumitrascu's book, "Risk Management Professional: A Practical Guide," is your ultimate resource for effectively handling project risks aligned with PMBOK6.
The book emphasizes the two types of risks a project manager must watch out for: negative and positive risks. Negative risks are threats to a project's objectives, while positive risks or opportunities can benefit the same objectives.
Every project that aims to introduce innovation into the process is a perfect example of risks and opportunities in action. Dumitrascu affirms that innovation increases project risk, but it also opens possibilities.
In the book, he provides an example scenario of upgrading a gym with state-of-the-art equipment and facilities, where they face technical, regulatory, and marketing risks.
Dumitrascu explains that to address risks in any project, managers need to identify, analyze, and monitor these risks at every stage of the project. Additionally, good risk management entails planning for risks and risk responses.
The book adheres to PMBOK6 aligning the best practices for reducing risk for adaptive project environments. For instance, the book recommends introducing frequent reviews at incremental stages to catch issues before they escalate. He also advocates using cross-functional teams to increase knowledge sharing and risk understanding.
Risk Management Professional: A Practical Guide is your go-to resource to manage risks efficiently and effectively. It's a comprehensive guide that outlines and discusses in detail the best practices and strategies for planning and responding to risks aligned with PMBOK6.
