ABSTRACT
If you wait long enough, eventually all risks self-mitigate . . . and good luck in your new job.
—Robert Houston Wallace III, 2013
Poor, insufficient risk management is one of the top-five reasons that projects get into trouble and quite often fail. PMI recognized the importance of risk management and made incremental improvements to the risk management knowledge area and supporting process in every PMBOK ® Guide edition since its inception. Along with PMI’s increased focus, well-known risk management practitioners and publishers, such as Stephen Ward, Carl Pritchard, and David “The Risk Doctor” Hillson, emphasize the importance of managing risk as an essential part of project management to increase likelihood of success. For example, per Hillson, “Risk connects uncertainty with objectives.”
