ABSTRACT
Project Management is not a new concept. It has, in fact, been around in some form for many centuries. An early example of a project manager was the master builder who was contracted to put up a castle, cathedral or other significant edifice. What is different today is that the technologies and liabilities have changed. Because of these changes, we are increasingly open to risks including disputes, technological failure, environmental problems, economic shifts politics and more. These risks were always there, but now they are more significant because of the compressed time in which they may change and the awareness of the public.
The best way to manage a risk is not to have it in the first place. There are many advantages to this type of thinking. No risk means no time wasted in recovering from it. It also means that we have the freed-up resources to provide a better service and to make a larger profit - everyone wins. Finally, if we can be confident that we will have no risks, we will be more open to collaboration and cooperation between project stakeholders. Further, the working relationship between project participants will be more open and therefore more conducive to creative and effective collaboration. There is strong evidence that close collaboration, based on trust will yield significant savings.
The approach to risk identification, classification and management proposed in this paper is based on both research and practice - with an emphasis on the practical.
