7 Where is risk in planning documents?
Tony Allan
Most text books summarise risk management tools and techniques as, the risk management plan, risk registers, probability/impact matrices, risk ranking.
E.g. Introduction to Project Management, Sixth Edition. Kathy Schwalbe.
This does not mean that managing risk is limited these four tools, although it is hoped that these four tools capture all risks included in other tools used in the project.
Textbooks that follow PMBOK, categorise tools and techniques by the 10 knowledge areas and risk is dispersed among all of them. You can identify implied risk in the other knowledge areas when descriptions use two terms, “probability” ( implied in words such as estimate, forecast, expectation, plan) and “consequence” (implied in words such as impact, favourable or unfavourable outcome, etc). Examples of implied probability include: budgeting is an estimate of costs, task durations and resource requirements are estimated. Even the effectiveness of human resources is forecast during the creation of schedules that include costings.
In conclusion, risk is primarily documented in plans for managing risk, risk analysis, risk ranking and captured in a risk register, and other plans within the Project Management Plan also deal with risk.
Additional Information:
This video runs for about 10 minutes. It describes terms like Risk Attitude and Risk Appetite, this information should help build understanding of how risk integrates with all knowledge areas.
