Basics Mantras of Risk Management

Abstract

In this chapter, the basic mantras of risk management are covered. Like the previous chapter on mantras in general project management, this is an advanced treatment on risks. Six cardinal mantras of Risk Management are defined here. The first mantra involves the understanding of a Risk Prioritizing Framework that incorporates the three basic parameters in defining priorities. The second mantra introduces a new concept called the Golden Rule of Risk Focus, which helps the project manager to understand how to take on priorities in the Risk Management Scenario. The third mantra touches upon focus and delegation of risks along the organizational hierarchy and taking it further from there. The fourth mantra introduces the reader to a new concept called the Risk Web that is used to define, understand, and control the risks in the organization. The fifth mantra touches upon the sensitive aspect of risk evaluation cycles. The last mantra touches on the alignment and leveraging of the Risk Breakdown Structures along the Work Breakdown Structures and the Organizational Breakdown Structures.