ABSTRACT
Risk management (RM) is used by project managers to identify, evaluate, prioritize, and mitigate negative events before they become problems. This chapter provides project managers the background information on RM along with the principles, methods, and tools to implement the appropriate RM system/practice for their organization and project. A RM system must be tailored to the needs of an individual project by selecting the methods and tools that best fit both the organization and project. The membership of the risk boards is determined by the project manager or lead engineer of the institution providing the element/component, typically in conjunction with the sponsor or customer. The tool most important to many aspects of a successful project is an engaged and invested team, and RM is no different. Recurring meetings should be scheduled to take place at least once per month to ensure continuity in the process.
