Managing Project Risks: A Generic Risk Matrix
Managing project risks is the key to improving project performance and successfully completing a project on schedule and within cost. Proactive risk management rather than reactive risk management is essential for successful project management. Using a risk matrix can assist a project manager (PM) in managing risks by ranking potential risks within the specific industry or project type. This approach helps identify risks quickly; allowing them to be reduced in a timely fashion. When risks are identified early, PMs can effectively develop successful risk mitigation measures. A generic risk matrix was created by considering the frequency and similarity of risks within several industries. The matrix is based on a literature survey and input from numerous PMs. The generic matrix was further refined and evaluated by project management subject matter experts from academia, government, and industry. The generic risk matrix is suitable for projects from various industries and of various sizes and types.
A. Garg and S. L. Murray, "Managing Project Risks: A Generic Risk Matrix," Proceedings of the 27th Annual National Conference of the American Society for Engineering Management (2006, Huntsville, AL), pp. 176-181, American Society for Engineering Management, Jan 2006.
27th Annual National Conference of the American Society for Engineering Management (2006: Oct. 25-28; Huntsville, AL)
Engineering Management and Systems Engineering
Keywords and Phrases
Literature survey; Managing projects; Proactive risk management; Project managers; Project performance; Reactive risk management; Risk matrix; Subject matter experts; Industry; Risk assessment; Risk management; Project management
International Standard Book Number (ISBN)
Article - Conference proceedings
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